Section 8 Fair Market Rent (FMR) for ZIP 94018 - 2027

Location: San Francisco, CA | Metro: San Francisco, CA HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,310
1 Bedroom	$2,700
2 Bedrooms	$3,320
3 Bedrooms	$4,340
4 Bedrooms	$4,880
5 Bedrooms	$5,661
6 Bedrooms	$6,340
7 Bedrooms	$6,847
8 Bedrooms	$7,189

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,834

Median Household Income

$230,053

Housing Units

1,576

Renter Percentage

16.3%

Occupancy Rate

99.2%

Renter Occupied

255

Housing Authorities Serving ZIP 94018

Housing Authority of the County of San Mateo (Belmont, CA) - 5,268 Section 8 vouchers
City of South San Francisco Housing Authority (South San Francisco, CA)

To determine if you should buy in ZIP code 94018 for Section 8 purposes, follow this decision tree:

1) Does FMR $3600 (ZIP FY 2024) clear debt service on a $1,520,745 property?

No: The Fair Market Rent (FMR) of $3600 per month does not cover the debt service for a property valued at $1,520,745. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. At this valuation, the monthly debt service would likely exceed $3600, making it unprofitable to rely solely on Section 8 income.

2) Is market rent N/A (N/A) above, at, or below FMR?

N/A: There is insufficient data to determine how market rents compare to the FMR. This uncertainty can impact your ability to assess the potential profitability of the property beyond Section 8 tenants.

3) Are 16.3% renters + N/A-day DOM enough demand?

It depends: With 16.3% of the population renting, there is some demand for rental properties. However, the lack of data on the days on market (DOM) makes it difficult to gauge how quickly properties are being rented. If the DOM is low, it suggests strong demand; if high, it indicates weaker demand. Without this information, you cannot make a definitive judgment on the demand level.

In conclusion, based on the available data, the answer to whether you should buy in ZIP 94018 for Section 8 is no. The FMR does not sufficiently cover the debt service for a property valued at $1,520,745. Additionally, the absence of market rent data complicates the assessment of overall profitability. Lastly, while there is some rental demand indicated by the 16.3% figure, the lack of DOM data leaves a critical piece of information missing for a complete analysis.

Data Sources: FMR data from HUD (2027). 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.