Section 8 Fair Market Rent (FMR) for ZIP 94951 - 2027

Location: Santa Rosa-Petaluma, CA | Metro: Santa Rosa-Petaluma, CA MSA

Investment Score for ZIP 94951

Monthly Rent (2BR)

$2,720

Median Price (2BR)

$1,033,646

1% Rule

0.26%

Annual Yield

3.16%

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	$1,910
1 Bedroom	$2,080
2 Bedrooms	$2,720
3 Bedrooms	$3,770
4 Bedrooms	$4,140
5 Bedrooms	$4,802
6 Bedrooms	$5,378
7 Bedrooms	$5,808
8 Bedrooms	$6,098

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
2BR	$2,720	$1,033,646	0.26%	F
3BR	$3,770	$1,251,420	0.3%	F
4BR	$4,140	$1,476,865	0.28%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,294

Median Household Income

$106,332

Housing Units

1,548

Renter Percentage

28.6%

Occupancy Rate

91.7%

Renter Occupied

406

Penngrove, CA, represented by ZIP code 94951, is a suburban community located in Sonoma County, known for its quiet residential streets and proximity to both wine country and urban amenities. This area presents a unique opportunity for real estate investors interested in the rental market, particularly those familiar with the intricacies of Section 8 housing.

The Fair Market Rent (FMR) for ZIP 94951 is set at $2030 for fiscal year 2024, indicating the average rent level that Section 8 vouchers can cover for a two-bedroom apartment.
The market rent for the area, according to the Census American Community Survey, is $1,904, suggesting that the FMR closely aligns with what the market demands.
The median home value in Penngrove stands at $1,261,627, reflecting a relatively affluent neighborhood where homeownership is prevalent.
Renters make up 28.6% of the population, which is lower than the national average but still represents a significant portion of the housing market.
The median household income in the area is $106,332, providing insight into the financial stability of residents and their ability to afford higher rents.

Given the data points, investors in Penngrove's rental market should focus on properties that align with the FMR, as this ensures they will be competitive with Section 8 vouchers. The close alignment between FMR and market rent indicates a balanced market, while the high median home value suggests strong demand for homeownership. However, with a renter share of 28.6%, there remains a notable segment of the population reliant on rentals. The solid median income further supports the viability of the rental market, ensuring a steady flow of tenants capable of meeting the rental demands. In summary, Penngrove offers a stable investment climate for rental properties, especially those targeting Section 8 participants, due to the combination of reasonable rents and a financially secure resident base.

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.