Location: Stockton-Lodi, CA | Metro: Stockton-Lodi, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,540 |
| 5 Bedrooms | $2,946 |
| 6 Bedrooms | $3,300 |
| 7 Bedrooms | $3,564 |
| 8 Bedrooms | $3,742 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,230 | $255,587 | 0.48% | F |
| 2BR | $1,520 | $314,849 | 0.48% | F |
| 3BR | $2,100 | $369,526 | 0.57% | F |
| 4BR | $2,540 | $409,524 | 0.62% | D |
U.S. Census Bureau data (2024)
The ZIP code 95203, located in Stockton, CA, stands out within San Joaquin County due to its unique demographic and economic profile. With a total population of 15,930, it has a significant rental market, where 57.0% of the residents are tenants. The median income in this area is $63,411, reflecting a middle-class community. Notably, the median home value is $349,022, which is relatively affordable compared to many other regions in California.
In terms of Section 8 housing, the Fair Market Rent (FMR) for ZIP 95203 in fiscal year 2024 is set at $1,370. This figure contrasts with the market rent, measured by the Zillow Observed Rent Index (ZORI), which is currently at $1,481. This difference means that landlords accepting Section 8 vouchers in this ZIP code could see a slight shortfall between the voucher amount and the market rent. However, the gap is manageable, and the stability of the rental market supports continued participation in the program.
The data suggests that ZIP 95203 presents a stable environment for landlords and small-portfolio investors. The significant rental population indicates a steady demand for housing units, while the median home value and income levels suggest a balanced market where affordability is a key factor. Although the FMR is slightly below the market rent, the overall economic indicators point towards a stable rather than transitional market, making it a reliable investment choice for those interested in Section 8 properties.
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.