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San Francisco County/San Francisco/94123

94123

ZIPSAFMR
San Francisco County, CA
Zillow

ZIP Investment Score

35Below average

095130300
BRFMR
Eff. Rent
0 BR$3,240$2,780
1 BR$3,780$3,860
2 BR$4,650$5,120
3 BR$6,080$6,480
4 BR$6,840$7,520
5 BR$7,866Not available
6 BR$9,046Not available
7 BR$10,403Not available
8 BR$11,963Not available

Purchase Price Calculator

Maximum purchase price
$698,913

Cost breakdown

+Likely effective rent$5,120
HUD FMR$4,650
Market rent$5,660
Est. payment standard (110%)Used$5,120
-Principal and interest-$3,534
Loan amount$559,131
Down payment$139,783
Rate6.50%
Term30 years
-Operating costs-$1,386
Property taxes-$699
Insurance-$175
Utilities$0
HOA$0
Management-$512
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$80,972(57.9% ROI)
Projected value
$752,653
Return breakdown
Property appreciation+$53,740
Loan principal paid down+$20,032
Rental cash flow+$7,200
5-year hold
+$139,566(99.8% ROI)
Projected value
$790,756
Return breakdown
Property appreciation+$91,843
Loan principal paid down+$35,723
Rental cash flow+$12,000
10-year hold
+$304,876(218.1% ROI)
Projected value
$894,668
Return breakdown
Property appreciation+$195,755
Loan principal paid down+$85,121
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.17
1 BR
0.97
2 BR
0.82
3 BR
0.91
4 BR
0.68
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 94123 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 94123 (San Francisco, CA) is $4,650 a month. That is up 1.5% from $4,580 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, 94123 has the 3rd-highest two-bedroom rent (county range $3,250–$4,930). The median county two-bedroom FMR in California is $1,725, so ZIP 94123 is 170% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 94123
BedroomsFY 2027Change90–110% range
Studio$3,240+2.5%$2,916–$3,564
1BR$3,7800.0%$3,402–$4,158
2BR$4,650+1.5%$4,185–$5,115
3BR$6,080+3.9%$5,472–$6,688
4BR$6,840+12.9%$6,156–$7,524

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 94123
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$3,240$3,780$4,650$6,080$6,840
FY 2026$3,160$3,780$4,580$5,850$6,060
FY 2025$2,740$3,350$4,000$4,990$5,300
FY 2024$2,680$3,300$3,930$4,810$5,230
FY 2023$2,470$3,060$3,660$4,490$4,920

Two-bedroom rent in nearby San Francisco County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 94123
94116$4,080−12.3%
94117$4,010−13.8%
94118$3,430−26.2%
94119$3,540−23.9%
94121$3,250−30.1%
94122$3,410−26.7%
94123Current$4,650—
94124$3,250−30.1%
94125$3,930−15.5%
94126$3,540−23.9%
94127$3,560−23.4%
94129$3,690−20.6%

Questions about ZIP 94123 rents

How much will Section 8 pay for a two-bedroom in ZIP 94123?

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 $4,650 it would be $4,185 to $5,115. 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 94123 in?

ZIP 94123 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 94123 for FY 2027?

The two-bedroom FMR rose 1.5%, from $4,580 in FY 2026 to $4,650 in FY 2027. Since FY 2023 it has risen 27.0%.

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