Location: Fresno, CA | Metro: Fresno, CA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $2,810 |
| 5 Bedrooms | $3,260 |
| 6 Bedrooms | $3,651 |
| 7 Bedrooms | $3,943 |
| 8 Bedrooms | $4,140 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,770 | $260,164 | 0.68% | D |
| 3BR | $2,450 | $384,188 | 0.64% | D |
| 4BR | $2,810 | $454,042 | 0.62% | D |
| 5BR | $3,260 | $537,146 | 0.61% | D |
U.S. Census Bureau data (2024)
Fresno’s 93722 zip code represents a high-density, predominantly residential sector in the central San Joaquin Valley. Characterized by a population of 86,110 and a notable suburban feel, the area offers a blend of established single-family homes and multi-family rentals. Local employment is anchored by the presence of California State University, Fresno, which drives consistent rental demand from faculty and students, while the Fresno Yosemite International Airport provides a major economic hub for the region. The neighborhood is recognized for its accessibility and community amenities, making it a practical choice for long-term housing.
From a financial perspective, Fresno 93722 shows a clear divergence between subsidy levels and market rates. The FY2026 Fair Market Rent (FMR) for a 2-bedroom unit is $1,750, whereas the current market rent reaches $2,140, leaving a gap of $390. This implies voucher holders may face difficulty covering the full rent without additional income contributions. The median home value stands at $401,096, with a lower 2BR specific sale price of $260,138, offering a relatively affordable entry point compared to California averages. Properties here sit on the market for a median of 50 days, indicating moderate turnover velocity.
The tenant pool is anchored by a median household income of $80,285, which supports the area’s rental viability despite a renter share of 38.8%. This income level suggests that while many households can afford market rates, the gap between FMR and market rent creates a specific niche for voucher holders needing top-up payments. The neighborhood’s appeal is bolstered by proximity to major educational institutions and local transit options, which enhances stability for tenants reliant on public transportation or working at nearby major employers.
For Section 8 investors, the strongest angle here is stability driven by affordable entry costs rather than immediate cash flow maximization. With the 2BR median sale price at $260,138, investors can acquire assets at a discount to the area’s overall median home value. However, the $390 negative spread between the $2,140 market rent and the $1,750 FMR means investors must weigh the lower acquisition price against the potential need for tenant contributions. The area offers solid fundamentals for appreciation, but cash flow requires careful tenant selection.
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.