Location: Mendocino County, CA | Metro: Mendocino County, CA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
U.S. Census Bureau data (2024)
The ZIP code 95428 is located in a suburban neighborhood characterized by a modest population size of 2,347 residents. With 45.6% of the population being renters, it suggests a community where a significant portion of residents do not own their homes. The median household income in this area stands at $46,339, which is relatively low compared to national averages, indicating that many residents may rely on government assistance such as Section 8 housing vouchers. The median home value in ZIP 95428 is $259,431, reflecting a middle-income bracket where homeownership is accessible but not without financial strain.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 95428, as determined by the metropolitan area for fiscal year 2026, is set at $1,540. This figure is notably higher than the actual market rent, which according to the Census Bureau's American Community Survey (ACS), averages around $983. This discrepancy highlights an opportunity for landlords and investors who can manage properties at costs below the FMR threshold while still attracting tenants eligible for Section 8 vouchers.
The economic landscape of ZIP 95428 makes it particularly suitable for hands-off voucher operators who seek stable, government-backed rental income. Given the low market rents and the high percentage of renters, these operators can capitalize on the demand for affordable housing without needing to engage extensively in property management or improvements. However, for hands-on value-add buyers looking to improve and increase the value of their properties, ZIP 95428 offers a chance to invest in properties that could be upgraded to command closer to the FMR rates, thus maximizing returns while still serving a tenant base reliant on government subsidies.
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.