Location: Modesto, CA | Metro: Modesto, 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 | $1,140 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $311,543 | 0.52% | F |
| 3BR | $2,200 | $397,541 | 0.55% | F |
| 4BR | $2,550 | $536,181 | 0.48% | F |
| 5BR | $2,958 | $561,746 | 0.53% | F |
U.S. Census Bureau data (2024)
1330 is the Fair Market Rent (FMR) for ZIP code 95328 in Keyes, California, for fiscal year 2024. 1546 represents the actual market rent based on Census American Community Survey data, indicating a slight premium over the FMR. The median home value stands at 432142, reflecting a significant investment for homeowners in the area. 37.7% is the share of renters in the population, suggesting a robust demand for rental properties. With a median income of 62743, tenants may find it challenging to afford market rents without assistance. The lack of available data on days on market (DOM) and the percentage of homes that have had their prices cut implies stability in the housing market, with few distressed sales. Given these figures, landlords and small-portfolio investors can expect a steady stream of potential tenants who may qualify for Section 8 subsidies, which cover up to the 1330 FMR. However, the disparity between the 1546 market rent and the 1330 FMR means that landlords will need to carefully consider their pricing strategies to attract both subsidized and non-subsidized tenants. The 37.7% renter share supports the viability of rental investments, while the 432142 median home value suggests that the area is attractive to buyers, potentially driving up property values and rental demand. Despite the 62743 median income being below the average needed to comfortably afford market rents, the presence of Section 8 can bridge this gap. In conclusion, the combination of a high renter share and the availability of Section 8 subsidies makes 95328 a promising market for those willing to navigate the slightly lower reimbursement rates.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.