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Monterey County/Carmel/93923

93923

ZIPSAFMR
Monterey County, CA
Zillow

ZIP Investment Score

13Below average

095130300
BRFMR
Eff. Rent
0 BR$2,220$2,220
1 BR$2,310$2,310
2 BR$2,740$2,740
3 BR$3,690$3,690
4 BR$4,020$4,020
5 BR$4,623Not available
6 BR$5,316Not available
7 BR$6,114Not available
8 BR$7,031Not available

Purchase Price Calculator

Maximum purchase price
$345,246

Cost breakdown

+Likely effective rent$2,740
HUD FMRUsed$2,740
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,746
Loan amount$276,197
Down payment$69,049
Rate6.50%
Term30 years
-Operating costs-$794
Property taxes-$345
Insurance-$175
Utilities$0
HOA$0
Management-$274
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$43,642(63.2% ROI)
Projected value
$371,793
Return breakdown
Property appreciation+$26,546
Loan principal paid down+$9,895
Rental cash flow+$7,200
5-year hold
+$75,015(108.6% ROI)
Projected value
$390,615
Return breakdown
Property appreciation+$45,368
Loan principal paid down+$17,646
Rental cash flow+$12,000
10-year hold
+$162,746(235.7% ROI)
Projected value
$441,945
Return breakdown
Property appreciation+$96,698
Loan principal paid down+$42,048
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 93923 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 93923 (Carmel, CA) is $2,740 a month. That is down 9.9% from $3,040 in FY 2026. Carmel is in the Salinas, CA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,416. Among 34 ZIP codes in Monterey County, 93923 has the 10th-highest two-bedroom rent (county range $2,430–$3,420). The median county two-bedroom FMR in California is $1,725, so ZIP 93923 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 93923
BedroomsFY 2027Change90–110% range
Studio$2,220−9.8%$1,998–$2,442
1BR$2,310−9.8%$2,079–$2,541
2BR$2,740−9.9%$2,466–$3,014
3BR$3,690−10.0%$3,321–$4,059
4BR$4,020−9.9%$3,618–$4,422

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 93923
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,220$2,310$2,740$3,690$4,020
FY 2026$2,460$2,560$3,040$4,100$4,460
FY 2025$2,730$2,800$3,370$4,550$4,950
FY 2024$2,750$2,790$3,390$4,700$5,180
FY 2023$2,760$2,870$3,500$4,960$5,420

Two-bedroom rent in nearby Monterey County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 93923
93915$2,430−11.3%
93920$2,430−11.3%
93921$3,420+24.8%
93922$2,430−11.3%
93923Current$2,740—
93924$2,680−2.2%
93925$2,620−4.4%
93926$2,430−11.3%
93927$2,430−11.3%
93928$2,430−11.3%
93930$2,620−4.4%
93932$2,430−11.3%

Questions about ZIP 93923 rents

How much will Section 8 pay for a two-bedroom in ZIP 93923?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,416, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,174 to $2,658 a month; under the ZIP-level Small Area FMR of $2,740 it would be $2,466 to $3,014. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 93923 in?

ZIP 93923 is in the Salinas, CA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,416.

How much did fair market rent change in ZIP 93923 for FY 2027?

The two-bedroom FMR fell 9.9%, from $3,040 in FY 2026 to $2,740 in FY 2027. Since FY 2023 it has fallen 21.7%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentCarmel, CA fair market rentCA statewide rentsWhat is SAFMR?Data sources