Location: San Francisco, CA | Metro: San Francisco, 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 | $2,690 |
| 1 Bedroom | $3,140 |
| 2 Bedrooms | $3,870 |
| 3 Bedrooms | $5,060 |
| 4 Bedrooms | $5,690 |
| 5 Bedrooms | $6,600 |
| 6 Bedrooms | $7,392 |
| 7 Bedrooms | $7,983 |
| 8 Bedrooms | $8,382 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,140 | $783,497 | 0.4% | F |
| 2BR | $3,870 | $1,408,269 | 0.27% | F |
| 3BR | $5,060 | $2,188,639 | 0.23% | F |
U.S. Census Bureau data (2024)
3720 is the Fair Market Rent (FMR) for ZIP 94111 in San Francisco, CA, for fiscal year 2024. This figure represents the maximum amount a landlord can charge for a Section 8 voucher. In contrast, the market rent, known as ZORI, stands at 5875, indicating a significant premium landlords can potentially command over the subsidized rate. The median home value in this area is 1072982, reflecting the high cost of real estate in San Francisco. With a renter share of 78.8%, it's evident that the majority of residents in ZIP 94111 prefer renting over owning. The median income of 152697 suggests that many residents can afford higher rents, but the disparity between the FMR and market rent points to a need for affordable housing options. Given the lack of specific data on days on market (DOM) and price-cut share, it's challenging to assess the speed and ease of finding tenants willing to pay the market rate. However, the high renter share and median income indicate a robust demand for rental properties. For landlords and small-portfolio investors, ZIP 94111 presents an opportunity to leverage the difference between FMR and market rents, while also catering to the substantial number of renters. The Section 8 program offers a stable source of income, albeit at a lower rate than market rents.
Based on the available data, the verdict for Section 8 participation in ZIP 94111 is positive for those seeking steady, government-backed rental income, despite the lower rates compared to the market. Landlords should consider the long-term stability and tenant demand when deciding whether to accept vouchers in this high-rent district.
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.