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 94948 is located in the town of Novato, California. The neighborhood is characterized by a population of 24,948 individuals, with a significant portion renting their homes. The median household income in this area is $59,948, reflecting a middle-class community. The median home value stands at $323,479, indicating a relatively affordable housing market compared to some other parts of California.
Transitioning into the economic aspects of renting, the Fair Market Rent (FMR) for ZIP code 94948 in fiscal year 2024 is set at $3250. This figure represents the benchmark for rental costs under the Section 8 Housing Choice Voucher program. While the exact market rent is not specified in the available data, it is reasonable to infer that it closely aligns with the FMR given the locality's economic conditions.
Considering the practical implications for investors, ZIP code 94948 is suitable for both hands-off voucher operators and hands-on value-add buyers. For those seeking a passive investment strategy, the Section 8 vouchers provide a reliable source of rental income with minimal tenant turnover risk. On the other hand, for active investors looking to enhance property values, the median home value suggests there is potential for appreciation in a growing market.
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.