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Santa Clara County/Milpitas/95035

95035

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

49Below average

095130300
BRFMR
Eff. Rent
0 BR$2,780$2,690
1 BR$3,140$2,960
2 BR$3,700$3,730
3 BR$4,970$4,130
4 BR$5,300$4,710
5 BR$6,095Not available
6 BR$7,009Not available
7 BR$8,061Not available
8 BR$9,270Not available

Purchase Price Calculator

Maximum purchase price
$492,360

Cost breakdown

+Likely effective rent$3,730
HUD FMR$3,700
Market rent$3,740
Est. payment standard (101%)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

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Rolodex

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Market Alignment

Studio
1.03
1 BR
1.06
2 BR
0.99
3 BR
1.20
4 BR
1.13
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 95035 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95035 (Milpitas, CA) is $3,700 a month. That is down 2.4% from $3,790 in FY 2026. Milpitas 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, 95035 has the 15th-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 95035 is 114% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 95035
BedroomsFY 2027Change90–110% range
Studio$2,780−2.5%$2,502–$3,058
1BR$3,140−3.1%$2,826–$3,454
2BR$3,700−2.4%$3,330–$4,070
3BR$4,970−0.8%$4,473–$5,467
4BR$5,300−2.8%$4,770–$5,830

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 95035
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,780$3,140$3,700$4,970$5,300
FY 2026$2,850$3,240$3,790$5,010$5,450
FY 2025$2,650$3,020$3,500$4,550$4,950
FY 2024$2,340$2,640$3,070$3,930$4,340
FY 2023$2,170$2,450$2,870$3,660$4,100

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 95035
95021$3,270−11.6%
95026$3,270−11.6%
95030$3,330−10.0%
95031$3,270−11.6%
95032$3,630−1.9%
95033$4,480+21.1%
95035Current$3,700—
95036$3,270−11.6%
95037$2,750−25.7%
95038$3,270−11.6%
95044$3,270−11.6%
95046$2,800−24.3%

Questions about ZIP 95035 rents

How much will Section 8 pay for a two-bedroom in ZIP 95035?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,700, that basic range is $3,330 to $4,070 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 95035 in?

ZIP 95035 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 95035 for FY 2027?

The two-bedroom FMR fell 2.4%, from $3,790 in FY 2026 to $3,700 in FY 2027. Since FY 2023 it has risen 28.9%.

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

County fair market rentMilpitas, CA fair market rentCA statewide rentsWhat is SAFMR?Data sources