Section 8 Fair Market Rent (FMR) for ZIP 93728 - 2027

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

Investment Score for ZIP 93728

Monthly Rent (2BR)

$1,590

Median Price (2BR)

$276,834

1% Rule

0.57%

Annual Yield

6.89%

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	$1,280
1 Bedroom	$1,290
2 Bedrooms	$1,590
3 Bedrooms	$2,200
4 Bedrooms	$2,520
5 Bedrooms	$2,923
6 Bedrooms	$3,274
7 Bedrooms	$3,536
8 Bedrooms	$3,713

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	$1,590	$276,834	0.57%	F
3BR	$2,200	$321,890	0.68%	D
4BR	$2,520	$365,151	0.69%	D
5BR	$2,923	$442,664	0.66%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

18,313

Median Household Income

$62,986

Housing Units

6,948

Renter Percentage

54.5%

Occupancy Rate

93.9%

Renter Occupied

3,554

ZIP code 93728, located in Fresno, CA, falls within the broader Fresno, CA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 93728 in fiscal year 2024 is set at $1340, which is slightly below the market rent of $1,489. This indicates that landlords can charge slightly above the FMR without significantly deterring tenants who qualify for housing assistance under Section 8.

The median home value in ZIP 93728 is $302,614, which is reflective of typical home values within the Fresno, CA HUD Metro FMR Area. However, the renter share of 54.5% stands out as it is notably higher than the average for the metro area. A high renter share combined with below-average home values often points to a location where there is a strong demand for rental properties, making it a particularly attractive area for landlords and small-portfolio investors.

Based on these figures, ZIP 93728 can be classified as a value pocket within the Fresno, CA HUD Metro FMR Area. The lower FMR compared to the market rent suggests that landlords can still achieve reasonable profits while remaining competitive in terms of tenant affordability. Additionally, the high renter share makes it an ideal spot for those looking to capitalize on the rental market dynamics.

To further substantiate this classification, let's examine the specific figures in context:

Fair Market Rent (FMR): At $1340, the FMR is designed to reflect the 40th percentile of gross rents and utilities for standard-quality rental units in the area. This figure is used by HUD to determine payment standards for Section 8 vouchers.
Market Rent: The actual market rent of $1,489 is higher than the FMR, indicating that landlords can command slightly higher rents than what is covered by the Section 8 program, but still remain within reach of many renters.
Home Value: With a median home value of $302,614, ZIP 93728 aligns closely with the typical home values in the Fresno, CA HUD Metro FMR Area, suggesting that it is neither a low-value nor a high-value sub-market.
Renter Share: The 54.5% renter share is a key indicator of the strength of the rental market. High renter shares typically mean higher occupancy rates and a larger pool of potential tenants.

The combination of a slightly lower FMR, a modestly higher market rent, and a high renter share makes ZIP 93728 a promising value pocket for landlords and small-portfolio investors. It offers a balance between affordability for tenants and profitability for property owners.

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.