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Monterey County/Monterey/93940

93940

ZIPSAFMR
Monterey County, CA
Zillow

ZIP Investment Score

58Below average

095130300
BRFMR
Eff. Rent
0 BR$2,340$2,150
1 BR$2,410$2,440
2 BR$2,890$3,050
3 BR$3,890$4,140
4 BR$4,240$4,610
5 BR$4,876Not available
6 BR$5,607Not available
7 BR$6,449Not available
8 BR$7,416Not available

Purchase Price Calculator

Maximum purchase price
$391,312

Cost breakdown

+Likely effective rent$3,050
HUD FMR$2,890
Market rent$3,130
Est. payment standard (105%)Used$3,050
-Principal and interest-$1,979
Loan amount$313,050
Down payment$78,262
Rate6.50%
Term30 years
-Operating costs-$871
Property taxes-$391
Insurance-$175
Utilities$0
HOA$0
Management-$305
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$48,504(62.0% ROI)
Projected value
$421,401
Return breakdown
Property appreciation+$30,088
Loan principal paid down+$11,216
Rental cash flow+$7,200
5-year hold
+$83,422(106.6% ROI)
Projected value
$442,734
Return breakdown
Property appreciation+$51,422
Loan principal paid down+$20,001
Rental cash flow+$12,000
10-year hold
+$181,259(231.6% ROI)
Projected value
$500,913
Return breakdown
Property appreciation+$109,601
Loan principal paid down+$47,658
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.09
1 BR
0.98
2 BR
0.92
3 BR
0.91
4 BR
0.88
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 93940 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 93940 (Monterey, CA) is $2,890 a month. That is down 10.0% from $3,210 in FY 2026. Monterey 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, 93940 has the 8th-highest two-bedroom rent (county range $2,430–$3,420). The median county two-bedroom FMR in California is $1,725, so ZIP 93940 is 68% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 93940
BedroomsFY 2027Change90–110% range
Studio$2,340−10.0%$2,106–$2,574
1BR$2,410−9.7%$2,169–$2,651
2BR$2,890−10.0%$2,601–$3,179
3BR$3,890−10.0%$3,501–$4,279
4BR$4,240−10.0%$3,816–$4,664

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 93940
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,340$2,410$2,890$3,890$4,240
FY 2026$2,600$2,670$3,210$4,320$4,710
FY 2025$2,880$2,960$3,560$4,800$5,230
FY 2024$2,840$2,880$3,500$4,850$5,350
FY 2023$2,830$2,940$3,590$5,090$5,560

Two-bedroom rent in nearby Monterey County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 93940
93926$2,430−15.9%
93927$2,430−15.9%
93928$2,430−15.9%
93930$2,620−9.3%
93932$2,430−15.9%
93933$2,430−15.9%
93940Current$2,890—
93942$2,430−15.9%
93943$2,790−3.5%
93944$3,000+3.8%
93950$3,210+11.1%
93953$3,160+9.3%

Questions about ZIP 93940 rents

How much will Section 8 pay for a two-bedroom in ZIP 93940?

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 $2,890 it would be $2,601 to $3,179. 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 93940 in?

ZIP 93940 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 93940 for FY 2027?

The two-bedroom FMR fell 10.0%, from $3,210 in FY 2026 to $2,890 in FY 2027. Since FY 2023 it has fallen 19.5%.

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