Location: Stockton-Lodi, CA | Metro: Modesto, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,180 |
| 1 Bedroom | $2,330 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,990 |
| 4 Bedrooms | $4,810 |
| 5 Bedrooms | $5,580 |
| 6 Bedrooms | $6,250 |
| 7 Bedrooms | $6,750 |
| 8 Bedrooms | $7,088 |
U.S. Census Bureau data (2024)
The ZIP code 95304, located in Tracy, CA, presents a dynamic rental market with specific characteristics that indicate a balance between supply and demand. The Fair Market Rent (FMR) for ZIP 95304 is set at $2330 for fiscal year 2024, while the actual market rent, as indicated by Zillow's ZORI, stands at $2,698. This suggests that the market rent slightly exceeds the government benchmark, indicating a robust demand for rental properties.
A key indicator of market health is the price-cut share, which in Tracy is only 0.1%. This low percentage implies that very few properties are being discounted, signaling strong seller confidence and limited need to lower prices to attract buyers. The median home value of $922,103 further supports this, showing a relatively stable housing market where property values have not significantly fluctuated.
With a 39.9% renter share, Tracy has a substantial portion of its population renting rather than owning homes. This high proportion of renters can exert long-term housing pressure on the market, as it suggests a consistent demand for rental units. Landlords and small-portfolio investors should consider this when evaluating potential returns on investment and the stability of rental income over time.
In summary, ZIP 95304 appears to be a market where demand meets supply effectively, with rental rates above the FMR and a low rate of price cuts indicating a healthy rental sector. The significant renter share points towards ongoing pressure on the rental market, making it a favorable environment for those looking to invest in rental properties.
Data Sources: FMR data from HUD (2027). 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.