Location: Vallejo, CA | Metro: Vallejo, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,250 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,350 |
| 5 Bedrooms | $3,886 |
| 6 Bedrooms | $4,352 |
| 7 Bedrooms | $4,700 |
| 8 Bedrooms | $4,935 |
U.S. Census Bureau data (2024)
Fairfield, specifically the 94533 ZIP code, functions as a vital suburban hub within Solano County, offering investors a blend of residential stability and strategic accessibility. Located in the North Bay sub-region of the San Francisco Bay Area, this area is characterized as a diverse and economically robust community that balances suburban charm with urban connectivity. A significant local institution anchoring the economy and providing consistent employment is healthcare, alongside a notable manufacturing presence that includes the Jelly Belly visitor center and production facility. This economic diversity supports a steady population and contributes to the area's reputation as a safe, family-oriented environment.
Financially, 94533 presents a challenging environment for Section 8 cash flow when relying strictly on voucher payments. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is $2,180, while the market rent sits higher at $2,330. This creates a negative gap of $150, meaning voucher holders are effectively priced out of current market-rate competition unless landlords accept below-market rents. The broader market context shows a median home value of $539,168 and a median days on market of 41 days, suggesting a relatively liquid asset base. However, the FMR ceiling remains the hard cap for guaranteed subsidy income.
Despite the rent gap, the tenant pool metrics offer a compelling long-term case. With 44.1% of the population renting and a median household income of $87,384, there is a substantial base of working-class renters who may eventually qualify for or utilize voucher programs. The city serves as the county seat, boasting major healthcare employers and educational institutions that attract a stable workforce. While the voucher may not cover top-dollar rents, the high renter share ensures consistent demand, and the local amenities—proximity to Travis Air Force Base and regional transit corridors—support tenant retention.
The Section 8 verdict for 94533 is an appreciation and stability play rather than immediate cash flow. The $150 gap between market rent and the 2BR FMR necessitates that investors view vouchers as a floor for occupancy rather than a premium income source. However, with home values hovering at $539,168 and a 44.1% renter share, the equity potential remains strong. Investors should target this area for portfolio stability and long-term growth, leveraging the robust local economy to offset the modest subsidy limits.
Data Sources: FMR data from HUD (2027). 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.