Location: Fresno, CA | Metro: Fresno, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,360 |
| 1 Bedroom | $1,370 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,680 |
| 5 Bedrooms | $3,109 |
| 6 Bedrooms | $3,482 |
| 7 Bedrooms | $3,761 |
| 8 Bedrooms | $3,949 |
The ZIP code 93642 in California presents unique challenges for both renters and landlords due to the lack of specific data on median income and market rental rates. However, we can still frame the situation based on the available information regarding the Fair Market Rent (FMR) and the percentage of renters.
A household in ZIP 93642 would be eligible for a housing voucher that pays up to $1440 per month towards rent under the Fiscal Year 2024 standards. This figure represents the maximum amount that the federal government will pay landlords through the Housing Choice Voucher program, commonly known as Section 8.
The affordability gap becomes apparent when considering that the market rate for rentals is unknown. If the market rate exceeds $1440, it means that tenants relying solely on vouchers would struggle to find suitable housing, which could lead to increased competition among landlords willing to accept vouchers.
With an unspecified percentage of renters and population size, it's difficult to provide a precise picture of the local rental market dynamics. However, if the market rate is significantly higher than the voucher payment, landlords might face a choice between accepting vouchers, which guarantee timely payments but limit the monthly rent they can charge, or renting to cash-paying tenants who might offer higher rents but come with the risk of delayed payments or non-payment.
The takeaway for landlords is that while accepting vouchers ensures a steady income stream, it also restricts the potential rental price to the FMR level of $1440. In contrast, pursuing cash-paying tenants could yield higher returns if the market rate is indeed above the voucher threshold. Landlords should assess their financial goals and tolerance for risk before deciding on a strategy.
Data Sources: FMR data from HUD (2027).
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.