Section 8 Fair Market Rent (FMR) for ZIP 94514 - 2027

Location: Oakland-Fremont, CA | Metro: Oakland-Fremont, CA HUD Metro FMR Area

Investment Score for ZIP 94514

N/A

Monthly Rent (2BR)

$2,960

Median Price (2BR)

$N/A

1% Rule

Annual Yield

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	$2,200
1 Bedroom	$2,420
2 Bedrooms	$2,960
3 Bedrooms	$3,790
4 Bedrooms	$4,480
5 Bedrooms	$5,197
6 Bedrooms	$5,821
7 Bedrooms	$6,287
8 Bedrooms	$6,601

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
3BR	$3,790	$768,641	0.49%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,953

Median Household Income

$76,511

Housing Units

583

Renter Percentage

39.6%

Occupancy Rate

98.8%

Renter Occupied

228

To determine if you should buy in ZIP code 94514 for Section 8 investment, follow this decision tree:

1) Does FMR ($2600) clear debt service on a $855,663 property?

No: The Fair Market Rent (FMR) of $2600 does not cover the debt service on an $855,663 property. This makes it unfeasible to invest in this area for Section 8 purposes.
Yes: Proceed to the next question.

2) Is market rent ($2,652) above, at, or below FMR?

Above: If the market rent is higher than the FMR, then it's less likely that properties will be rented out under the Section 8 program. This could lead to lower occupancy rates, making it a riskier investment.
At: If the market rent equals the FMR, there might be a balanced opportunity for Section 8 tenants and market-rate tenants. However, you must still consider other factors such as demand.
Below: If the market rent is below the FMR, then it's more attractive for landlords to participate in the Section 8 program. This can increase the likelihood of renting out your property under Section 8.

3) Are 39.6% renters + N/A-day days on market (DOM) enough demand?

N/A-day DOM: Without knowing the exact days on market, it's challenging to assess the speed at which rental properties are leased. However, the 39.6% of renters indicates a significant portion of the population seeking rentals. This suggests there is sufficient demand for rental properties in the area, including those rented under Section 8.

In conclusion, if the FMR does not clear the debt service, the answer is no. If the market rent is above the FMR, the answer is also no. If the market rent is at or below the FMR and there is a substantial percentage of renters, then the answer is it depends, primarily on the days on market data which is currently unavailable. With the given data, 39.6% of the population being renters provides a strong indication of demand, but without the DOM figure, a definitive recommendation cannot be made.

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.