Section 8 Fair Market Rent (FMR) for ZIP 94021 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,740
1 Bedroom	$3,190
2 Bedrooms	$3,930
3 Bedrooms	$5,140
4 Bedrooms	$5,780
5 Bedrooms	$6,705
6 Bedrooms	$7,510
7 Bedrooms	$8,111
8 Bedrooms	$8,517

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

321

Median Household Income

$250,001

Housing Units

140

Renter Percentage

28.1%

Occupancy Rate

91.4%

Renter Occupied

To determine if you should buy in ZIP code 94021 for Section 8 purposes, follow this decision tree:

Step 1: The Fair Market Rent (FMR) for ZIP 94021 in fiscal year 2024 is set at $3600. Does this amount cover your debt service on a property?

No: Do not proceed with purchasing in this area. The FMR does not sufficiently support the financial obligations required for property ownership.
Yes: Move to Step 2.

Step 2: Compare the FMR to the market rent in the area. The market rent is currently N/A, which means we need to assess whether it's above, at, or below the FMR.

Above FMR: It depends. While there might be higher potential rental income, consider the risk that tenants might struggle to pay the higher rent. Evaluate the local economy and tenant demographics to make an informed decision.
At or Below FMR: Proceed to Step 3. This indicates that the market is aligned with the FMR, reducing the risk of vacancy.

Step 3: Assess the demand for rentals. In ZIP 94021, 28.1% of residents are renters, and the average days on market (DOM) is N/A. These figures suggest the following:

N/A-day DOM: If the DOM is low, indicating quick turnover, this supports a strong rental market. Given the 28.1% of renters, there is significant demand, and you can likely find Section 8 tenants. Yes, it makes sense to invest in this area.
N/A-day DOM: If the DOM is high, suggesting slow turnover, then even with the 28.1% of renters, the market might not sustain enough demand to ensure consistent occupancy. No, it would not be advisable to purchase properties for Section 8 in this case.

Note: The decision tree is contingent upon the specific values of market rent and DOM being known. Without these figures, the analysis remains incomplete.

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.