Section 8 Fair Market Rent (FMR) for ZIP 94531 - 2027

Investment Score for ZIP 94531

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	$2,700
1 Bedroom	$2,960
2 Bedrooms	$3,630
3 Bedrooms	$4,650
4 Bedrooms	$5,500
5 Bedrooms	$6,380
6 Bedrooms	$7,146
7 Bedrooms	$7,718
8 Bedrooms	$8,104

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
2BR	$3,630	$334,569	1.08%	B
3BR	$4,650	$583,454	0.8%	D
4BR	$5,500	$676,792	0.81%	C
5BR	$6,380	$762,786	0.84%	C

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 94531 (Antioch, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Antioch, CA (ZIP 94531), as of 2026, is set at $3750 for a two-bedroom unit. This amount represents 37.2% of the median household income in the area, which stands at $120,927. However, the actual rental market in Antioch is significantly higher. The Zillow median price for a two-bedroom unit is $336,331, indicating a price-to-FMR ratio of 7.5x. This means that the average rent for a two-bedroom unit in Antioch is likely much higher than the FMR, creating a significant constraint for Section 8 voucher holders. They would struggle to find units that fall within their budget, especially since landlords often set rents above the FMR to maximize profits. #### Affordability & Renter Profile With a population of 46,387, Antioch has a relatively high occupancy rate of 97.7%, suggesting that the housing market is quite tight. Given that 26.8% of the population are renters, there is a notable demand for rental properties. However, the high median household income indicates that many residents can afford higher rents. Despite this, the 26.8% renter population includes individuals who might be relying on Section 8 vouchers for affordability. These renters would face challenges finding units within the FMR range, given the substantial gap between the FMR and the actual market rates. #### Investor Angle From an investor perspective, the ZIP code 94531 presents mixed opportunities. While the high occupancy rate and demand for rentals suggest a robust market, the investment grade and cash flow potential depend heavily on the ability to attract tenants willing to pay the FMR. Given the Zillow median price for a two-bedroom unit is $336,331, and assuming a typical rent-to-price ratio, the actual monthly rent could be around $1400-$1600 per month. However, the FMR for a two-bedroom unit is $3750, which is significantly lower. Therefore, an investor focusing solely on Section 8 vouchers would need to ensure that the property management costs and other expenses do not exceed the FMR. Additionally, the investment grade would be lower due to the limited pool of potential tenants who can only pay the FMR. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $3070, which is still below the expected market rent but closer to it. This could provide a better balance between attracting Section 8 tenants and generating sufficient cash flow. 2. **Location-Specific Strategies**: Investors should look into areas within Antioch where rents are more aligned with the FMR. For instance, neighborhoods with a higher concentration of lower-income households might have rental prices closer to the FMR. This would require detailed local market research to identify these pockets. 3. **Value-Added Properties**: Consider investing in properties that can be renovated or upgraded to meet higher market standards while still being within the FMR range. This could involve adding amenities like laundry facilities, parking, or modernizing the interiors to make the units more attractive to Section 8 tenants without exceeding the FMR. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 94531 is to **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to find properties that offer both good cash flow and alignment with Section 8 voucher limits. Investors looking to enter this market should carefully evaluate the potential to generate returns through alternative strategies, such as focusing on smaller units or identifying specific locations where rents are more affordable. However, the overall market conditions suggest that this ZIP code may not be the most favorable for Section 8 investments. --- This analysis provides a clear picture of the dynamics and challenges in the Antioch, CA rental market, specifically for Section 8 voucher holders and investors. It highlights the significant gap between the FMR and actual market rents, making it difficult for voucher holders to find suitable housing and for investors to achieve positive cash flow.

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.