Location: Lake County, CA | Metro: Lake County, CA
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 | $1,160 |
| 1 Bedroom | $1,160 |
| 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 | $1,160 | $137,320 | 0.84% | C |
| 2BR | $1,520 | $232,418 | 0.65% | D |
| 3BR | $2,100 | $313,163 | 0.67% | D |
| 4BR | $2,540 | $362,587 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 95423, located in Clearlake Oaks, CA, within the Lake County, CA metro area, presents an interesting profile when compared to typical ZIP codes in the region. With a Fair Market Rent (FMR) of $1,420 for fiscal year 2026, it aligns closely with the broader metro's average, indicating that rental prices are neither exceptionally high nor low. The market rent at $1,430 is nearly identical, suggesting a tight alignment between government standards and actual market conditions.
The median home value of $253,816 in ZIP 95423 is also reflective of the area's general housing costs. However, the significant 27.2% renter share stands out as a notable characteristic. This high proportion of renters can be indicative of several factors, including affordability constraints, demographic preferences, or a mix of both.
Comparatively, if we consider typical Lake County, CA ZIP codes, which might have a lower renter share and potentially higher home values, ZIP 95423 appears to be a value pocket within its metro. This classification is supported by the high renter share combined with below-average home values, which often signifies areas attractive to Section 8 participants due to the relative affordability of both renting and owning homes.
A value pocket is characterized by properties that offer good value for money, making them appealing to tenants who receive housing assistance through programs such as Section 8. The close proximity of FMR and market rent suggests stability and predictability in the rental market, which is beneficial for landlords and small-portfolio investors looking for steady returns without the volatility seen in some other markets.
In summary, ZIP 95423 is positioned as a value pocket within the Lake County, CA metro, offering a blend of affordable home values and stable rental prices, coupled with a high percentage of renters. These characteristics make it a favorable location for landlords and investors seeking to capitalize on the needs of the local rental market.
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.