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 | $1,930 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,630 |
| 3 Bedrooms | $3,360 |
| 4 Bedrooms | $3,980 |
| 5 Bedrooms | $4,617 |
| 6 Bedrooms | $5,171 |
| 7 Bedrooms | $5,585 |
| 8 Bedrooms | $5,864 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,150 | $268,483 | 0.8% | C |
| 2BR | $2,630 | $401,811 | 0.65% | D |
| 3BR | $3,360 | $538,278 | 0.62% | D |
| 4BR | $3,980 | $627,672 | 0.63% | D |
| 5BR | $4,617 | $827,487 | 0.56% | F |
U.S. Census Bureau data (2024)
Pittsburg (ZIP 94565) sits along the Sacramento-San Joaquin River Delta, offering a mix of historic bungalows and modern waterfront developments that appeal to commuters working across the Bay Area. The city has pivoted from heavy industry to a more diverse economy, with the Contra Costa County Regional Medical Center serving as a major local institution and stable employment hub. Recent revitalization efforts downtown have added dining and retail options, enhancing the neighborhood’s character for renters seeking walkability without Oakland or San Francisco prices. The BART station provides critical transit access, making this a practical base for voucher holders dependent on public transportation.
From a data perspective, the math requires careful scrutiny. The FY2024 HUD SAFMR for a 2BR unit in this ZIP is set at $2,200, while the current market rent (Zillow ZORI) sits at $2,425, creating a negative gap of $225. Investors accepting vouchers at the SAFMR rate will be renting below market. Asset values remain accessible, with a median home value of $569,593 and a median 2BR sale price of $404,198. Turnover risk is mitigated by speed: the median days on market is just 17 days, indicating robust demand for housing inventory in this area.
The tenant pool is statistically substantial, with 39.1% of households renting and a median household income of $95,556. While the income level suggests a population that can afford market rates, the high renter share implies consistent turnover and steady demand for rental units. Families are drawn to the area for its access to Pittsburg Unified School District campuses and the outdoor recreation available at the nearby Delta waterfront. This combination of local employment, transit connectivity, and amenities supports a deep pool of potential residents, including those needing housing assistance.
The Section 8 verdict here leans toward long-term stability and appreciation rather than immediate maximum cash flow. The $225 gap between market rent and the 2BR SAFMR is a notable concession, yet the rapid 17-day turnover rate suggests low vacancy risk. With median home values significantly lower than core Bay Area counties, the appreciation potential remains strong. Investors should view this as a hold-and-grow play, using the consistent demand from the 39.1% renter population to maintain occupancy while banking on asset growth.
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.