Section 8 Fair Market Rent (FMR) for ZIP 94597 - 2027

Location: Oakland-Fremont, CA | Metro: Oakland-Fremont, CA HUD Metro FMR Area

Investment Score for ZIP 94597

F
Monthly Rent (2BR)
$3,140
Median Price (2BR)
$595,872
1% Rule
0.53%
Annual Yield
6.32%

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$2,340
1 Bedroom$2,560
2 Bedrooms$3,140
3 Bedrooms$4,020
4 Bedrooms$4,760
5 Bedrooms$5,522
6 Bedrooms$6,185
7 Bedrooms$6,680
8 Bedrooms$7,014

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
1BR $2,560 $356,885 0.72% D
2BR $3,140 $595,872 0.53% F
3BR $4,020 $1,084,320 0.37% F
4BR $4,760 $1,414,288 0.34% F
5BR $5,522 $1,707,816 0.32% F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
23,129
Median Household Income
$132,063
Housing Units
11,249
Renter Percentage
53.6%
Occupancy Rate
95.8%
Renter Occupied
5,779

3000 - In ZIP code 94597, the Fair Market Rent (FMR) for FY 2024 is set at $3000, providing a benchmark for rental prices in Walnut Creek, CA. 2730 - The actual market rent, measured by ZORI, stands at $2,730, indicating a slight gap between government standards and real-world conditions. 1004209 - With a median home value of $1,004,209, this area is clearly aimed at higher-income residents. 536 - Despite this high median home value, 53.6% of the population are renters, showing a significant demand for rental properties. 132063 - The median income of $132,063 suggests that residents have the financial capacity to afford both high rents and home values. 23 - On average, it takes 23 days for a property to sell, reflecting a brisk pace in the local real estate market. 02 - Only 0.2% of listings require a price cut, demonstrating strong seller's market conditions where homes are likely to sell at or near asking price.

Investors should note that the disparity between the FMR and the actual market rent indicates potential opportunities for rental pricing adjustments. Given the high median income and median home value, there is a robust economic foundation supporting both rental and home purchase markets. The low price-cut share and quick days on market (DOM) suggest that properties in this area hold their value well and sell rapidly, making it an attractive investment location. However, the relatively high renter share implies that there is a substantial portion of the population looking for rental options, which could be capitalized upon by savvy landlords and small-portfolio investors.

Section 8 Verdict: ZIP 94597 presents a mixed opportunity for Section 8 participation due to the higher-than-average market rents and median incomes, but the strong rental demand makes it worth considering for strategic investors.

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.