Skip to main content
Loading page
Santa Clara County/Palo Alto/94303

94303

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

49Below average

095130300
BRFMR
Eff. Rent
0 BR$2,430$2,610
1 BR$2,800$3,080
2 BR$3,390$3,730
3 BR$4,480$4,930
4 BR$4,950$5,450
5 BR$5,693Not available
6 BR$6,546Not available
7 BR$7,528Not available
8 BR$8,658Not available

Purchase Price Calculator

Maximum purchase price
$492,360

Cost breakdown

+Likely effective rent$3,730
HUD FMR$3,390
Market rent$4,460
Est. payment standard (110%)Used$3,730
-Principal and interest-$2,490
Loan amount$393,888
Down payment$98,472
Rate6.50%
Term30 years
-Operating costs-$1,040
Property taxes-$492
Insurance-$175
Utilities$0
HOA$0
Management-$373
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$59,170(60.1% ROI)
Projected value
$530,218
Return breakdown
Property appreciation+$37,858
Loan principal paid down+$14,112
Rental cash flow+$7,200
5-year hold
+$101,866(103.4% ROI)
Projected value
$557,060
Return breakdown
Property appreciation+$64,700
Loan principal paid down+$25,166
Rental cash flow+$12,000
10-year hold
+$221,867(225.3% ROI)
Projected value
$630,262
Return breakdown
Property appreciation+$137,902
Loan principal paid down+$59,965
Rental cash flow+$24,000

Public Housing Authority

Loading Public Housing Authority

Rolodex

Loading Rolodex

Market Alignment

Studio
0.90
1 BR
0.75
2 BR
0.76
3 BR
0.71
4 BR
0.57
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 94303 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 94303 (Palo Alto, CA) is $3,390 a month. That is up 2.7% from $3,300 in FY 2026. Palo Alto is in the San Jose-Sunnyvale-Santa Clara, CA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 101 ZIP codes in Santa Clara County, 94303 has the 30th-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 94303 is 97% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 94303
BedroomsFY 2027Change90–110% range
Studio$2,430+3.4%$2,187–$2,673
1BR$2,800+1.4%$2,520–$3,080
2BR$3,390+2.7%$3,051–$3,729
3BR$4,480+4.9%$4,032–$4,928
4BR$4,950+9.8%$4,455–$5,445

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 94303
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,430$2,800$3,390$4,480$4,950
FY 2026$2,350$2,760$3,300$4,270$4,510
FY 2025$2,150$2,550$3,030$3,810$4,090
FY 2024$2,080$2,480$2,930$3,640$3,980
FY 2023$1,980$2,380$2,880$3,710$4,040

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 94303
94085$4,020+18.6%
94086$3,610+6.5%
94087$3,860+13.9%
94088$3,270−3.5%
94089$3,770+11.2%
94301$3,650+7.7%
94302$3,270−3.5%
94303Current$3,390—
94304$3,880+14.5%
94305$2,290−32.4%
94306$3,530+4.1%
94309$3,270−3.5%

Questions about ZIP 94303 rents

How much will Section 8 pay for a two-bedroom in ZIP 94303?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,390, that basic range is $3,051 to $3,729 a month. 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 94303 in?

ZIP 94303 is in the San Jose-Sunnyvale-Santa Clara, CA HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 94303 for FY 2027?

The two-bedroom FMR rose 2.7%, from $3,300 in FY 2026 to $3,390 in FY 2027. Since FY 2023 it has risen 17.7%.

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