Section 8 Fair Market Rent (FMR) for ZIP 94044 - 2027

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

Investment Score for ZIP 94044

Monthly Rent (2BR)

$4,170

Median Price (2BR)

$927,749

1% Rule

0.45%

Annual Yield

5.39%

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	$2,900
1 Bedroom	$3,390
2 Bedrooms	$4,170
3 Bedrooms	$5,450
4 Bedrooms	$6,130
5 Bedrooms	$7,111
6 Bedrooms	$7,964
7 Bedrooms	$8,601
8 Bedrooms	$9,031

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
1BR	$3,390	$861,556	0.39%	F
2BR	$4,170	$927,749	0.45%	F
3BR	$5,450	$1,249,318	0.44%	F
4BR	$6,130	$1,487,958	0.41%	F
5BR	$7,111	$1,667,847	0.43%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

37,274

Median Household Income

$160,408

Housing Units

14,678

Renter Percentage

32.4%

Occupancy Rate

94.9%

Renter Occupied

4,509

ZIP 94044, located in Pacifica, CA, presents an interesting balance between yield and stability for real estate investors. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $3,560, which is slightly above the current market rent of $3,485. This indicates a modest potential for rental income growth. However, the median home value in this ZIP code stands at $1,284,842, suggesting that the area is relatively expensive compared to other markets.

The stability of the market can be gauged by several factors. First, 32.4% of residents are renters, which is a moderate figure indicating a mix of owner-occupied and rental properties. Second, the days on market (DOM) for rental listings is 17 days, which is quite low, implying strong demand for rental units. Lastly, the average household income is $160,408, providing a solid financial foundation for tenants to afford rent.

To classify this market, we must consider both the yield and stability metrics. With a FMR slightly higher than the market rent and a median home value that is significantly above the national average, ZIP 94044 does not fit the profile of a high-yield, low-stability "flip-style" market. Instead, it leans towards being a steady-cashflow zone. The low DOM suggests that there is consistent demand for rental properties, and the high average income supports the ability of tenants to pay rent reliably.

Specifically:

The FMR of $3,560 versus the market rent of $3,485 indicates a stable rental market with room for slight increases.
The median home value of $1,284,842 places it in a higher-end market segment, where rental yields might not be as high relative to property costs.
A 32.4% rental rate shows a balanced market, neither dominated by renters nor owner-occupiers.
The 17-day DOM signals quick turnover and strong demand, contributing to market stability.
An average household income of $160,408 ensures that tenants can afford their rent, reducing the risk of defaults.

Given these figures, ZIP 94044 offers a reliable cash flow opportunity for landlords and small-portfolio investors, rather than a high-risk, high-reward scenario typical of flip-style markets. It is a market where the focus should be on maintaining a steady stream of rental income rather than seeking rapid appreciation or turnover.

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.