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 | $2,260 |
| 1 Bedroom | $2,470 |
| 2 Bedrooms | $3,030 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,590 |
| 5 Bedrooms | $5,324 |
| 6 Bedrooms | $5,963 |
| 7 Bedrooms | $6,440 |
| 8 Bedrooms | $6,762 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,470 | $429,687 | 0.57% | F |
| 2BR | $3,030 | $632,839 | 0.48% | F |
| 3BR | $3,880 | $770,792 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 94612 in Oakland, CA, stands out within Alameda County due to its unique demographic and economic characteristics. With a population of 18,175 residents, it has an exceptionally high rental rate of 91.4%, indicating a strong preference for renting over owning among its inhabitants. The median income of $74,037 suggests a middle-class community, while the median home value of $548,863 reflects a relatively stable housing market.
In terms of voucher economics, the Fair Market Rent (FMR) for ZIP 94612 is set at $2,650 for fiscal year 2024, which is slightly below the market rent as measured by ZORI (Zillow Observed Rent Index) at $2,705. This difference means that landlords can expect to receive slightly less than the market rate when renting to tenants using Section 8 vouchers. However, the proximity of these figures implies that the gap is manageable, potentially making the area attractive for landlords who wish to participate in the program.
Evaluating the overall data signature, ZIP 94612 appears to be in a stable phase. The high rental rate combined with a reasonable median income indicates a consistent demand for rental properties. Additionally, the close alignment between the FMR and ZORI suggests that the rental market is not experiencing significant volatility, which could be beneficial for both landlords and tenants. For small-portfolio investors, this stability provides a predictable environment for property management and investment returns.
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.