Location: Modesto, CA | Metro: Modesto, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,130 |
| 1 Bedroom | $1,230 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $2,200 |
| 4 Bedrooms | $2,550 |
| 5 Bedrooms | $2,958 |
| 6 Bedrooms | $3,313 |
| 7 Bedrooms | $3,578 |
| 8 Bedrooms | $3,757 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 95387 in fiscal year 2024 is set at $1990. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the government to determine the rent subsidy for tenants.
In comparison, the average rent for ZIP 95387, according to Census ACS data, is $1,162. This means that the FMR for Section 8 is significantly higher than the typical market rent in the area, which could be beneficial for landlords looking to maximize their income from rental properties.
The renter share in ZIP 95387 is 62.4%, indicating a strong demand for rental housing. With such a high percentage of renters, there is likely to be a steady pool of potential tenants who would qualify for Section 8 assistance.
Regarding the acquisition cost of rental properties in ZIP 95387, the data shows it as N/A, which suggests that there might not be readily available information on property prices. However, the higher FMR compared to the average rent could imply that the cost of acquiring a property in this area is relatively low, making it a good investment opportunity for those interested in Section 8 rentals.
Before deciding to participate in the Section 8 program, verify that your rental unit meets the Housing Quality Standards (HQS). These standards ensure that the property is safe, decent, and sanitary, and they must be met for you to be eligible to receive Section 8 payments.
To summarize, the FMR of $1990 for ZIP 95387 provides a clear payment standard for Section 8 rentals, which exceeds the average market rent of $1,162. The high renter share of 62.4% indicates strong demand, and the lack of specific acquisition cost data suggests that property prices might be favorable for investors. Ensure your property meets HQS to proceed with Section 8 participation.
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.