Section 8 Fair Market Rent (FMR) for ZIP 94903 - 2027
Location: San Francisco, CA | Metro: San Francisco, CA HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $3,030 |
| 1 Bedroom | $3,530 |
| 2 Bedrooms | $4,350 |
| 3 Bedrooms | $5,690 |
| 4 Bedrooms | $6,400 |
| 5 Bedrooms | $7,424 |
| 6 Bedrooms | $8,315 |
| 7 Bedrooms | $8,980 |
| 8 Bedrooms | $9,429 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$142,083
Housing Authorities Serving ZIP 94903
To determine if you should buy in ZIP 94903 (San Rafael, CA) for Section 8 investments, follow these steps:
- If the Fair Market Rent (FMR) of $3,820 clears debt service on a $1,251,924 property:
- Yes. Proceed to the next question. The FMR is sufficient to cover your mortgage payments and other costs associated with owning the property.
- If the Zillow Observed Rent Index (ZORI) of $3,153 is above, at, or below the FMR:
- Above FMR: It depends. Evaluate the potential for higher rents outside of Section 8. However, if the ZORI is significantly lower than the FMR, you might face challenges in finding non-Section 8 tenants willing to pay the FMR.
- At or Below FMR: Yes. This indicates that the market rent aligns well with the FMR, making it easier to find tenants who can afford the rent and qualify for Section 8.
- If there are 34.2% renters in the area and the days on market (DOM) is 24:
- Yes. There is enough rental demand to support a Section 8 property. A DOM of 24 suggests that properties are rented relatively quickly, indicating strong interest from potential tenants.
In summary, if the FMR of $3,820 covers the debt service for a property valued at $1,251,924, and the ZORI of $3,153 is either at or below the FMR, then the answer is yes. Additionally, with 34.2% of residents being renters and a DOM of 24, there is sufficient demand to support a Section 8 investment in ZIP 94903.
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.