FMR is near market; voucher and private rents are aligned.
1.07
1 BR
1 BR
0.98ratio
FMR$2,490
Market$2,550
vs market-$60
FMR is near market; voucher and private rents are aligned.
0.98
2 BR
2 BR
0.89ratio
FMR$3,000
Market$3,360
vs market-$360
FMR is below market; voucher rent may lag private rents.
0.89
3 BR
3 BR
0.95ratio
FMR$4,040
Market$4,260
vs market-$220
FMR is near market; voucher and private rents are aligned.
0.95
4 BR
4 BR
0.94ratio
FMR$4,400
Market$4,660
vs market-$260
FMR is near market; voucher and private rents are aligned.
0.94
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 93944 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 93944 (Monterey, CA) is $3,000 a month. That is down 9.9% from $3,330 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, 93944 has the 7th-highest two-bedroom rent (county range $2,430–$3,420). The median county two-bedroom FMR in California is $1,725, so ZIP 93944 is 74% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 93944
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,690
$2,430
−9.7%
$2,187–$2,673
1BR
$2,760
$2,490
−9.8%
$2,241–$2,739
2BR
$3,330
$3,000
−9.9%
$2,700–$3,300
3BR
$4,480
$4,040
−9.8%
$3,636–$4,444
4BR
$4,880
$4,400
−9.8%
$3,960–$4,840
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 93944
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,430
$2,490
$3,000
$4,040
$4,400
FY 2026
$2,690
$2,760
$3,330
$4,480
$4,880
FY 2025
$2,980
$3,060
$3,690
$4,970
$5,420
FY 2024
$2,340
$2,370
$2,880
$3,990
$4,400
FY 2023
$2,120
$2,200
$2,680
$3,800
$4,150
Two-bedroom rent in nearby Monterey County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 93944?
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 $3,000 it would be $2,700 to $3,300. 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 93944 in?
ZIP 93944 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 93944 for FY 2027?
The two-bedroom FMR fell 9.9%, from $3,330 in FY 2026 to $3,000 in FY 2027. Since FY 2023 it has risen 11.9%.
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