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 93718 in California presents a unique market dynamic, characterized by a specific focus on the Fair Market Rent (FMR) figure of $1440 for the fiscal year 2024. This FMR represents the rental cost deemed reasonable and affordable for low-income families by HUD, indicating that rental properties priced around this amount are likely to attract a significant portion of the local tenant pool.
Despite the lack of recent market rent data, the presence of an FMR suggests a regulatory interest in maintaining affordability. The absence of information regarding the percentage of price-cut share and days on market (DOM) implies a stable market without significant fluctuations in property listings or pricing. This stability could indicate a balanced market where neither supply nor demand is overwhelming the other, leading to consistent rental prices.
The median home value being listed as N/A might point towards a diverse housing stock that includes both owner-occupied units and rental properties, making it difficult to pinpoint a single median value. However, this also reflects a market where the rental sector plays a crucial role, possibly due to limited homeownership opportunities or a preference for renting among residents.
The unknown percentage of renter share in the population is critical in understanding long-term housing pressures. A high renter share typically signals persistent housing pressure, as renters may struggle to find affordable homes or transition into homeownership. Conversely, a lower renter share might suggest a more balanced housing market with greater opportunities for ownership. Without this figure, it's challenging to gauge the exact nature of housing pressure, but the emphasis on FMR points towards a market where rental affordability is a key concern.
In summary, ZIP 93718 appears to be a market where rental affordability is regulated and likely influences the overall housing dynamics. The stable nature of the available data suggests a market that is neither oversupplied nor under-supplied with rental properties, maintaining a steady state for landlords and small-portfolio investors. The rental sector's prominence indicates a potential challenge for homeownership, which could exert long-term pressure on the housing market if not addressed.
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.