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San Francisco County/San Francisco/94104

94104

ZIPSAFMR
San Francisco County, CA
Zillow

ZIP Investment Score

30Below average

095130300
BRFMR
Eff. Rent
0 BR$2,420$1,430
1 BR$2,830$3,110
2 BR$3,480$3,830
3 BR$4,550$5,010
4 BR$5,120$3,440
5 BR$5,888Not available
6 BR$6,771Not available
7 BR$7,787Not available
8 BR$8,955Not available

Purchase Price Calculator

Maximum purchase price
$507,220

Cost breakdown

+Likely effective rent$3,830
HUD FMR$3,480
Market rent$6,040
Est. payment standard (110%)Used$3,830
-Principal and interest-$2,565
Loan amount$405,776
Down payment$101,444
Rate6.50%
Term30 years
-Operating costs-$1,065
Property taxes-$507
Insurance-$175
Utilities$0
HOA$0
Management-$383
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$60,738(59.9% ROI)
Projected value
$546,220
Return breakdown
Property appreciation+$39,000
Loan principal paid down+$14,538
Rental cash flow+$7,200
5-year hold
+$104,578(103.1% ROI)
Projected value
$573,873
Return breakdown
Property appreciation+$66,653
Loan principal paid down+$25,925
Rental cash flow+$12,000
10-year hold
+$227,839(224.6% ROI)
Projected value
$649,284
Return breakdown
Property appreciation+$142,064
Loan principal paid down+$61,775
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.69
1 BR
0.83
2 BR
0.58
3 BR
0.73
4 BR
1.49
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 94104 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 94104 (San Francisco, CA) is $3,480 a month. That is down 8.4% from $3,800 in FY 2026. San Francisco is in the San Francisco, CA HUD Metro FMR Area. 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 $3,697. Among 37 ZIP codes in San Francisco County, 94104 has the 25th-highest two-bedroom rent (county range $3,250–$4,930). The median county two-bedroom FMR in California is $1,725, so ZIP 94104 is 102% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 94104
BedroomsFY 2027Change90–110% range
Studio$2,420−7.6%$2,178–$2,662
1BR$2,830−9.9%$2,547–$3,113
2BR$3,480−8.4%$3,132–$3,828
3BR$4,550−6.2%$4,095–$5,005
4BR$5,120+1.8%$4,608–$5,632

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 94104
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,420$2,830$3,480$4,550$5,120
FY 2026$2,620$3,140$3,800$4,850$5,030
FY 2025$2,430$2,970$3,550$4,420$4,700
FY 2024$2,470$3,040$3,620$4,430$4,820
FY 2023$2,400$2,970$3,560$4,460$4,860

Two-bedroom rent in nearby San Francisco County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 94104
94102$3,250−6.6%
94103$3,930+12.9%
94104Current$3,480—
94105$4,260+22.4%
94107$4,930+41.7%
94108$3,250−6.6%
94109$3,250−6.6%
94110$3,370−3.2%
94111$3,870+11.2%
94112$3,250−6.6%
94114$4,120+18.4%
94115$4,160+19.5%

Questions about ZIP 94104 rents

How much will Section 8 pay for a two-bedroom in ZIP 94104?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $3,697, which applies unless the housing authority uses Small Area FMRs, that basic range is $3,327 to $4,067 a month; under the ZIP-level Small Area FMR of $3,480 it would be $3,132 to $3,828. 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 94104 in?

ZIP 94104 is in the San Francisco, CA HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $3,697.

How much did fair market rent change in ZIP 94104 for FY 2027?

The two-bedroom FMR fell 8.4%, from $3,800 in FY 2026 to $3,480 in FY 2027. Since FY 2023 it has fallen 2.2%.

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