Location: Redding, CA | Metro: Redding, 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 | $1,080 |
| 1 Bedroom | $1,130 |
| 2 Bedrooms | $1,480 |
| 3 Bedrooms | $2,020 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,020 | $411,769 | 0.49% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 96047 in fiscal year 2024 is set at $1,600. This figure represents the maximum amount that a landlord can receive from the government for a Section 8 rental unit in this area. It is important to note that this is not the rent you will charge your tenants; it is the benchmark used by the Housing Choice Voucher program to determine what is considered a reasonable rent for subsidized housing.
In comparison, the average rent for ZIP 96047, based on Census American Community Survey (ACS) data, is $1,565. This suggests that the FMR is slightly higher than the actual market rate, which could be beneficial for landlords participating in the Section 8 program. The difference between these two figures indicates that you might be able to receive a slightly higher rent subsidy than the typical market rate.
The local rental market shows a strong demand, with 17.9% of residents being renters. This statistic highlights that there is a significant portion of the population who rely on renting as their primary form of housing, making ZIP 96047 a viable location for Section 8 rentals. However, the competition for tenants might be high, so ensuring that your property meets all the necessary requirements is crucial.
When acquiring a property for Section 8, consider the median home value in the area, which is approximately $343,699. This figure reflects the cost of entry into the market and should be factored into your investment strategy. While the initial cost might seem high, the steady income from the Section 8 program can provide financial stability and long-term benefits.
Before proceeding with your first Section 8 rental, verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the rental units are safe, decent, and sanitary for tenants. Meeting these criteria is essential for approval and continued participation in the program.
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.