Section 8 Fair Market Rent (FMR) for ZIP 94928 - 2027

Investment Score for ZIP 94928

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	$2,160
1 Bedroom	$2,350
2 Bedrooms	$3,080
3 Bedrooms	$4,260
4 Bedrooms	$4,690
5 Bedrooms	$5,440
6 Bedrooms	$6,093
7 Bedrooms	$6,580
8 Bedrooms	$6,909

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	$2,350	$295,248	0.8%	D
2BR	$3,080	$408,325	0.75%	D
3BR	$4,260	$697,761	0.61%	D
4BR	$4,690	$792,233	0.59%	F
5BR	$5,440	$892,016	0.61%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 94928 (Rohnert Park, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 94928, as set by HUD for 2026, is $3100 for a two-bedroom unit. This amount represents 37.5% of the median household income in the area, which stands at $99,280. However, the actual rental market in Rohnert Park is significantly higher. The Zillow median price for a two-bedroom unit is $410,485, which translates to a monthly rent of approximately $1700 based on typical mortgage payments and property taxes. Given the price-to-FMR ratio of 11.0x, it is clear that actual rents far exceed the FMR. For voucher holders, this means that they are constrained to finding units that are either below market value or willing to accept the voucher amount, which is often challenging given the high demand and limited supply of affordable housing. #### Affordability & Renter Profile With a population of 46,829 and a 50.1% renter rate, Rohnert Park has a substantial number of residents who rely on rental properties. The occupancy rate of 96.5% suggests that the market is quite tight, with very few vacant units available. This indicates that there is strong competition among renters, driving up demand and making it difficult for low-income individuals to find suitable housing. Given the median household income and the fact that 37.5% of it goes towards a two-bedroom unit’s FMR, it is evident that the cost of living is high relative to incomes. This tight market makes it particularly challenging for those relying on Section 8 vouchers, as landlords may be hesitant to rent at rates lower than market value. #### Investor Angle From an investor perspective, the ZIP code 94928 offers mixed potential. While the FMRs provide a baseline for what can be charged under the Section 8 program, the actual market rents are much higher. For instance, a two-bedroom unit could potentially command a market rent of around $1700 per month, but under Section 8, the maximum allowable rent would be $3100. This discrepancy means that investors might struggle to achieve positive cash flow if they are solely relying on Section 8 rents. Additionally, the investment grade in this market would likely be considered moderate due to the high competition and limited availability of affordable units. Investors should carefully consider their ability to manage properties and negotiate with local authorities to ensure compliance with Section 8 guidelines while maintaining profitability. #### Specific Actionable Insights 1. **Focus on Larger Units**: Given the high FMR for larger units (e.g., 3BR at $4260 and 4BR at $4550), investors might find better cash flow opportunities by targeting these larger units. These units are less likely to be occupied by low-income families and thus may have a higher chance of attracting tenants paying market rates. 2. **Consider Mixed-Income Developments**: To balance the risk of relying solely on Section 8 rents, investors could explore developing mixed-income housing projects. This strategy involves having a portion of units designated for Section 8 voucher holders and others for market-rate tenants. By diversifying the tenant base, investors can mitigate financial risks and ensure steady cash flow. 3. **Engage with Local Authorities**: Building relationships with local housing authorities can help investors navigate the complexities of the Section 8 program. This includes understanding the local demand for subsidized housing and any incentives or subsidies that might be available to landlords who participate in the program. #### Bottom Line Given the high market rents compared to FMR and the tight occupancy rate, the recommendation for Section 8-focused investors in ZIP code 94928 is to **Hold** or **Skip**. The market conditions make it difficult to achieve positive cash flow without significant subsidies or a mixed-income approach. Investors looking to enter this market should carefully evaluate their ability to manage properties and work with local authorities to maximize returns while adhering to the Section 8 guidelines.

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.