Section 8 Fair Market Rent (FMR) for ZIP 94114 - 2027

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

Investment Score for ZIP 94114

F
Monthly Rent (2BR)
$4,120
Median Price (2BR)
$1,557,689
1% Rule
0.26%
Annual Yield
3.17%

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$2,870
1 Bedroom$3,350
2 Bedrooms$4,120
3 Bedrooms$5,390
4 Bedrooms$6,060
5 Bedrooms$7,030
6 Bedrooms$7,874
7 Bedrooms$8,504
8 Bedrooms$8,929

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 $3,350 $916,976 0.37% F
2BR $4,120 $1,557,689 0.26% F
3BR $5,390 $2,464,679 0.22% F
4BR $6,060 $3,641,157 0.17% F
5BR $7,030 $4,573,607 0.15% F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
33,020
Median Household Income
$204,134
Housing Units
18,771
Renter Percentage
54.8%
Occupancy Rate
89.8%
Renter Occupied
9,238

The ZIP code 94114 in San Francisco, CA, stands out due to its high median home value of $1,865,782, which is significantly higher than the national average. This area is home to 33,020 residents, with a notable 54.8% renting their homes. The median household income in this ZIP is $204,134, reflecting a relatively affluent population.

For landlords and small-portfolio investors, understanding the voucher economics is crucial. In ZIP 94114, the Fair Market Rent (FMR) for a Section 8 voucher is set at $3,490 for the fiscal year 2024. However, the actual market rent, as measured by the Zillow Observed Rental Index (ZORI), is $4,491. This discrepancy means that landlords may need to subsidize the difference between the voucher amount and the market rate if they wish to participate in the program.

Evaluating the overall data signature of ZIP 94114, it reads as stable. The high median home values and income levels suggest a robust local economy with little indication of significant transitions. While the rental market is competitive, with a substantial gap between FMR and market rents, the high percentage of renters indicates a steady demand for housing in this area.

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.