Location: San Jose-Sunnyvale-Santa Clara, CA | Metro: San Jose-Sunnyvale-Santa Clara, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,460 |
| 1 Bedroom | $2,780 |
| 2 Bedrooms | $3,270 |
| 3 Bedrooms | $4,390 |
| 4 Bedrooms | $4,690 |
| 5 Bedrooms | $5,440 |
| 6 Bedrooms | $6,093 |
| 7 Bedrooms | $6,580 |
| 8 Bedrooms | $6,909 |
The ZIP code 95161 in California presents a dynamic rental market characterized by significant Federal Market Rate (FMR) benchmarks. With an FMR of $3130 for fiscal year 2024, landlords and small-portfolio investors can gauge the rental pricing landscape. The absence of current market rent data suggests either a nascent market or a lack of comprehensive reporting, which could indicate variability in actual rental rates.
The undefined percentage of price-cut share and days on market (DOM) imply that there is limited insight into how quickly properties are being rented out and at what rate compared to the asking price. This ambiguity makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the high FMR points towards a potentially strong demand for affordable housing options, especially those eligible under the Section 8 program.
The median home value being listed as N/A further complicates the picture, indicating that residential sales data might be sparse or inconsistent. In contrast, the rental sector appears to have some traction, given the established FMR. The undefined percentage of renters also poses questions regarding the long-term housing pressures in the area. Typically, a higher renter share indicates sustained housing pressure, as more individuals seek rental options due to financial constraints or lifestyle choices. Conversely, a lower renter share might suggest a more stable market with a preference for homeownership.
In summary, ZIP 95161 offers a glimpse into a market in flux, where the rental sector is somewhat defined by the FMR but lacks clarity in terms of actual market rents and the balance between supply and demand. The incomplete data on median home values and renter share underscores the evolving nature of this market, leaving much to be interpreted from the available indicators.
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.