Section 8 Fair Market Rent (FMR) for ZIP 93611 - 2027

Investment Score for ZIP 93611

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,030
1 Bedroom	$2,050
2 Bedrooms	$2,530
3 Bedrooms	$3,500
4 Bedrooms	$4,010
5 Bedrooms	$4,652
6 Bedrooms	$5,210
7 Bedrooms	$5,627
8 Bedrooms	$5,908

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,530	$353,078	0.72%	D
3BR	$3,500	$446,256	0.78%	D
4BR	$4,010	$568,734	0.71%	D
5BR	$4,652	$663,825	0.7%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 93611 (Clovis, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 93611, as of 2026, is set at $2500 for a two-bedroom unit. However, the Zillow median price for a two-bedroom home in this area is significantly higher at $354,177. This results in a price-to-FMR ratio of 11.8x, indicating that the actual rent prices far exceed the FMR. For voucher holders, this means they face substantial constraints in finding affordable housing. The FMR is only a fraction of what landlords can charge, making it challenging for tenants to find properties where the landlord will accept the voucher amount. #### Affordability & Renter Profile ZIP 93611 has a population of 46,624, with 27.3% of residents being renters. The occupancy rate stands at 96.5%, suggesting a robust demand for rental properties. Given the median household income of $110,982, the rent burden for a two-bedroom unit at $2500 is 27.0% of the median income. While this is within the typical affordability range for renters, the high price-to-FMR ratio indicates that many units are priced well above the FMR. This tight market makes it difficult for low-income renters to find suitable housing, especially those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 93611 presents a mixed scenario. At the FMR of $2500 for a two-bedroom unit, the cash flow potential is limited due to the high cost of acquisition. With the median home price at $354,177, even if a property were to be rented out at the FMR, the return on investment would likely be lower compared to other markets. The investment grade in this area would be considered moderate, given the strong demand but also the high acquisition costs and the challenge of finding properties that align with FMR pricing. #### Specific Actionable Insights 1. **Target Properties Below Median Price**: Investors should focus on acquiring properties below the median price of $354,177. For instance, targeting homes priced around $250,000-$300,000 could make it easier to offer rentals at or near the FMR of $2500. This would ensure better cash flow and a higher likelihood of attracting voucher holders. 2. **Consider Smaller Units**: Given the high price-to-FMR ratio, smaller units such as one-bedroom apartments might be more aligned with FMR expectations. The FMR for a one-bedroom unit is $2040, which is significantly lower than the median home price. Investing in smaller units could provide a more stable and predictable cash flow for Section 8-focused investors. #### Bottom Line For investors focusing specifically on Section 8 vouchers, the ZIP code 93611 presents a challenging environment. The high price-to-FMR ratio suggests that the market is not favorable for cash-flow positive investments at the FMR level. Therefore, the recommendation is to **Skip** this ZIP code unless you can find properties well below the median price that align with FMR guidelines. If you do choose to invest, consider smaller units like one-bedroom apartments to maximize your chances of success. In summary, while Clovis, CA, has a strong rental market with high occupancy rates, the high acquisition costs and the significant gap between FMR and actual rents make it less attractive for Section 8-focused investors.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). Demographics from U.S. Census (2024).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.