Location: Oakland-Fremont, CA | Metro: Oakland-Fremont, 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 | $2,080 |
| 1 Bedroom | $2,280 |
| 2 Bedrooms | $2,790 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 4BR | $4,230 | $2,892,186 | 0.15% | F |
| 5BR | $4,907 | $3,946,364 | 0.12% | F |
U.S. Census Bureau data (2024)
3660 is the Fair Market Rent (FMR) for ZIP code 94528 as of fiscal year 2024, setting a benchmark for rental properties in the area. 3140033 represents the median home value, indicating the typical price point for homeownership. 0.0 percent is the reported renter share in the ZIP code, suggesting a predominantly owner-occupied community. 207500 is the median income figure, reflecting the financial stability of the local population. N/A indicates that the average days on market (DOM) and the percentage of homes that have had their prices cut are not available, which could imply a strong seller's market where homes sell quickly without needing to adjust prices.
In ZIP 94528, the lack of available data on market rents and the high median home value suggest that the housing market is robust and likely commands premium prices. The absence of significant renter share points to a market where homeownership is preferred over renting, potentially due to the favorable conditions for property investment and appreciation. The median income of $207,500 supports the ability of residents to afford higher mortgage payments or property taxes, which is beneficial for long-term real estate investments.
Given the strong homeowner preference and the high median home value, landlords and small-portfolio investors should consider the potential for property appreciation and the stability of the local economy. However, the low renter share also means that finding tenants might be challenging unless the rental rates align closely with the FMR of $3660. The lack of days on market and price-cut data suggests that homes are selling swiftly and at asking prices, which could be indicative of a competitive market for rentals as well.
For Section 8 participation, the FMR of $3660 provides a guideline for acceptable rental rates. However, the low renter share and the strong homeowner market suggest that landlords in ZIP 94528 may find limited demand for Section 8 vouchers. Thus, while possible, Section 8 is not recommended for landlords seeking a stable and profitable rental income stream in this ZIP code.
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.