Location: Modesto, CA | Metro: Modesto, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,800 |
| 3 Bedrooms | $2,410 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
ZIP code 95381 in Turlock, CA, represents a well-established neighborhood with a total population of 10,381 residents. This working-class area is characterized by an affordable housing market, with median home values around $172,103 and a median household income of $40,381. The median age of residents is 35.6 years, reflecting a community that is both family-oriented and young at heart.
In terms of rent economics, the Fair Market Rent (FMR) for ZIP 95381 in fiscal year 2024 is set at $1530, while the current median rent is $1,142. This indicates that the FMR is significantly higher than the actual market rent, suggesting a potential opportunity for landlords who can leverage the difference between the two rates.
The place fits both a hands-off voucher operator and a hands-on value-add buyer. For hands-off operators, the higher FMR compared to the median rent means that tenants receiving Section 8 vouchers can cover a larger portion of the rent. For value-add buyers, there is room to improve properties and potentially command rents closer to the FMR. The overall livability score of 73 out of 100 suggests a good quality of life, with moderate safety scores and a below-average cost of living index of 59, meaning your dollar stretches further here.
Turlock, CA, also benefits from a robust job market, with an employment rate of 95.0% and a diverse range of industries such as professional services, healthcare, retail trade, education, and manufacturing. This mix provides stability and growth opportunities for residents and investors alike.
Investors should take note of the significant increase in median home value over the past five years (+27.8%), indicating a growing real estate market. Additionally, the median rent has increased by +43.6%, suggesting strong rental demand and potential for rental price appreciation.
In summary, ZIP 95381 offers a balanced environment for both hands-off and hands-on investors, with favorable economic indicators and a growing real estate market.
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.