Section 8 Fair Market Rent (FMR) for ZIP 93651 - 2027

Location: Fresno, CA | Metro: Fresno, CA HUD Metro FMR Area

Investment Score for ZIP 93651

N/A

Monthly Rent (2BR)

$2,330

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$1,880
1 Bedroom	$1,890
2 Bedrooms	$2,330
3 Bedrooms	$3,230
4 Bedrooms	$3,700
5 Bedrooms	$4,292
6 Bedrooms	$4,807
7 Bedrooms	$5,192
8 Bedrooms	$5,452

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
3BR	$3,230	$560,620	0.58%	F
4BR	$3,700	$646,035	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,489

Median Household Income

$107,587

Housing Units

599

Renter Percentage

35.8%

Occupancy Rate

93.7%

Renter Occupied

201

The area covered by ZIP code 93651, located in Bakersfield, California, is a vibrant region with a mix of residential and commercial properties. The city's economic stability and growing population make it an attractive investment opportunity for landlords and small-portfolio investors. However, the real estate landscape here is complex, influenced by various factors such as federal housing guidelines and local market conditions.

Fair Market Rent (FMR): For ZIP 93651, the Fair Market Rent set by the Department of Housing and Urban Development for fiscal year 2024 is $1,830. This figure represents the maximum amount that can be charged for a two-bedroom apartment under the Section 8 program, providing a benchmark for rental prices.
Market Rent: According to Census ACS data, the average market rent for properties in this ZIP code is $1,233. This indicates that properties priced at the FMR level may be above the typical market rate, potentially limiting demand among non-subsidized renters.
Median Home Value: The median home value in ZIP 93651 stands at $574,972. This suggests that homeownership is relatively expensive compared to renting, which could drive higher rental demand.
Renter Share: Approximately 35.8% of the households in this area are renters, highlighting a significant portion of the population that relies on rental properties. This percentage underscores the importance of rental housing in the local economy.
Median Income: The median household income in ZIP 93651 is $107,587, indicating a middle-class community with sufficient financial capacity to afford both rental and homeownership options.

Investors should note that while the Fair Market Rent is set at $1,830, the actual market rent is lower at $1,233, suggesting that properties targeting non-subsidized tenants might need to adjust their pricing to remain competitive. With a median home value of $574,972 and a substantial 35.8% renter share, there is a robust market for rental properties. The median income of $107,587 supports a diverse range of tenants, from those who qualify for Section 8 assistance to those who can pay market rates. Overall, ZIP 93651 presents a balanced opportunity for real estate investments, particularly in rental properties, given the strong demand and reasonable income levels.

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.