Location: Napa, CA | Metro: Napa, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,350 |
| 1 Bedroom | $2,580 |
| 2 Bedrooms | $3,380 |
| 3 Bedrooms | $4,210 |
| 4 Bedrooms | $5,100 |
| 5 Bedrooms | $5,916 |
| 6 Bedrooms | $6,626 |
| 7 Bedrooms | $7,156 |
| 8 Bedrooms | $7,514 |
The ZIP code 94562 presents a dynamic rental market influenced significantly by the Fair Market Rent (FMR) figure of $2680 set for the fiscal year 2024. This FMR serves as a benchmark for landlords and investors operating under the Section 8 program, indicating the maximum amount that can be charged for a unit to remain eligible.
Absent specific market rent data, the implication is that the local rental market closely aligns with the FMR, suggesting a relatively stable environment where the government's assessment reflects the actual costs of living. However, the lack of detailed market metrics such as the percentage of price cuts and days on market (DOM) prevents a comprehensive analysis of the supply-demand balance. Nonetheless, it is reasonable to infer that if there were an overabundance of supply, we would likely see higher instances of price reductions and longer times for units to be rented, which is not indicated here.
The absence of a median home value suggests that this area might be predominantly rental-focused, which ties into the unknown percentage of renters. A high renter share typically signifies strong long-term housing pressure, as more individuals and families rely on rentals rather than owning homes. This characteristic can be indicative of an area with limited affordable housing options or where homeownership is less common due to various socio-economic factors.
In summary, while specific data points are lacking, the alignment of market rents with the FMR, along with the high implied renter share, paints a picture of ZIP 94562 as a market where demand is steady and potentially outpacing supply, especially within the affordable rental sector. Investors should focus on maintaining competitive pricing and quality to attract tenants in this active rental environment.
Data Sources: FMR data from HUD (2027).
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.