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Santa Clara County/Palo Alto/94304

94304

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

29Below average

095130300
BRFMR
Eff. Rent
0 BR$2,920$2,920
1 BR$3,290$3,390
2 BR$3,880$4,270
3 BR$5,210$5,730
4 BR$5,560$6,120
5 BR$6,394Not available
6 BR$7,353Not available
7 BR$8,456Not available
8 BR$9,724Not available

Purchase Price Calculator

Maximum purchase price
$572,604

Cost breakdown

+Likely effective rent$4,270
HUD FMR$3,880
Market rent$4,680
Est. payment standard (110%)Used$4,270
-Principal and interest-$2,895
Loan amount$458,083
Down payment$114,521
Rate6.50%
Term30 years
-Operating costs-$1,175
Property taxes-$573
Insurance-$175
Utilities$0
HOA$0
Management-$427
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$67,640(59.1% ROI)
Projected value
$616,632
Return breakdown
Property appreciation+$44,028
Loan principal paid down+$16,412
Rental cash flow+$7,200
5-year hold
+$116,512(101.7% ROI)
Projected value
$647,849
Return breakdown
Property appreciation+$75,245
Loan principal paid down+$29,267
Rental cash flow+$12,000
10-year hold
+$254,115(221.9% ROI)
Projected value
$732,981
Return breakdown
Property appreciation+$160,377
Loan principal paid down+$69,738
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.00
1 BR
0.96
2 BR
0.83
3 BR
0.75
4 BR
0.60
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 94304 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 94304 (Palo Alto, CA) is $3,880 a month. That is down 8.9% from $4,260 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, 94304 has the 9th-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 94304 is 125% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 94304
BedroomsFY 2027Change90–110% range
Studio$2,920−9.0%$2,628–$3,212
1BR$3,290−9.9%$2,961–$3,619
2BR$3,880−8.9%$3,492–$4,268
3BR$5,210−7.5%$4,689–$5,731
4BR$5,560−9.3%$5,004–$6,116

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 94304
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,920$3,290$3,880$5,210$5,560
FY 2026$3,210$3,650$4,260$5,630$6,130
FY 2025$3,340$3,810$4,410$5,730$6,240
FY 2024$3,140$3,550$4,130$5,290$5,830
FY 2023$3,010$3,400$3,980$5,070$5,690

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 94304
94085$4,020+3.6%
94086$3,610−7.0%
94087$3,860−0.5%
94088$3,270−15.7%
94089$3,770−2.8%
94301$3,650−5.9%
94302$3,270−15.7%
94303$3,390−12.6%
94304Current$3,880—
94305$2,290−41.0%
94306$3,530−9.0%
94309$3,270−15.7%

Questions about ZIP 94304 rents

How much will Section 8 pay for a two-bedroom in ZIP 94304?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,880, that basic range is $3,492 to $4,268 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 94304 in?

ZIP 94304 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 94304 for FY 2027?

The two-bedroom FMR fell 8.9%, from $4,260 in FY 2026 to $3,880 in FY 2027. Since FY 2023 it has fallen 2.5%.

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