Location: San Francisco, CA | Metro: San Francisco, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,500 |
| 1 Bedroom | $2,920 |
| 2 Bedrooms | $3,590 |
| 3 Bedrooms | $4,690 |
| 4 Bedrooms | $5,280 |
| 5 Bedrooms | $6,125 |
| 6 Bedrooms | $6,860 |
| 7 Bedrooms | $7,409 |
| 8 Bedrooms | $7,779 |
The ZIP code 94915 is located in San Rafael, CA, a thriving suburban community with a total population of 24,915 residents. The median household income in this area is $59,915, and the median home value stands at $319,346. Despite the relatively high median home value, the cost of living in San Rafael is below the national average, with an index of 59.
When it comes to rent economics, the Fair Market Rent (FMR) for ZIP 94915 in fiscal year 2024 is set at $3250. In contrast, the median market rent in the area is $1,680, which is significantly lower than the FMR. This discrepancy suggests that landlords and small-portfolio investors could potentially benefit from the gap between the FMR and actual market rents.
The area is well-suited for both hands-off voucher operators and hands-on value-add buyers. Hands-off operators can leverage the higher FMR to ensure steady cash flow from Section 8 tenants, while value-add buyers might find opportunities to improve properties and command higher rents closer to the FMR. Given the below-average cost of living and competitive housing market, investors should consider the potential for long-term growth and stability in this ZIP code.
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.