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Santa Clara County/Morgan Hill/95037

95037

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

52Below average

095130300
BRFMR
Eff. Rent
0 BR$2,070$2,070
1 BR$2,340$2,340
2 BR$2,750$2,750
3 BR$3,690$3,690
4 BR$3,940$3,940
5 BR$4,531Not available
6 BR$5,211Not available
7 BR$5,992Not available
8 BR$6,891Not available

Purchase Price Calculator

Maximum purchase price
$346,732

Cost breakdown

+Likely effective rent$2,750
HUD FMRUsed$2,750
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,753
Loan amount$277,386
Down payment$69,346
Rate6.50%
Term30 years
-Operating costs-$797
Property taxes-$347
Insurance-$175
Utilities$0
HOA$0
Management-$275
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$43,799(63.2% ROI)
Projected value
$373,393
Return breakdown
Property appreciation+$26,660
Loan principal paid down+$9,938
Rental cash flow+$7,200
5-year hold
+$75,286(108.6% ROI)
Projected value
$392,296
Return breakdown
Property appreciation+$45,563
Loan principal paid down+$17,722
Rental cash flow+$12,000
10-year hold
+$163,343(235.5% ROI)
Projected value
$443,847
Return breakdown
Property appreciation+$97,114
Loan principal paid down+$42,229
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
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Tax rate
--
Mortgage rate
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ZIP 95037 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95037 (Morgan Hill, CA) is $2,750 a month. That is down 2.5% from $2,820 in FY 2026. Morgan Hill 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, 95037 has the 94th-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 95037 is 59% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 95037
BedroomsFY 2027Change90–110% range
Studio$2,070−2.4%$1,863–$2,277
1BR$2,340−2.9%$2,106–$2,574
2BR$2,750−2.5%$2,475–$3,025
3BR$3,690−1.1%$3,321–$4,059
4BR$3,940−3.0%$3,546–$4,334

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 95037
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,070$2,340$2,750$3,690$3,940
FY 2026$2,120$2,410$2,820$3,730$4,060
FY 2025$2,150$2,430$2,820$3,610$3,990
FY 2024$2,010$2,270$2,650$3,380$3,790
FY 2023$1,940$2,180$2,590$3,320$3,800

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 95037
95026$3,270+18.9%
95030$3,330+21.1%
95031$3,270+18.9%
95032$3,630+32.0%
95033$4,480+62.9%
95035$3,700+34.5%
95036$3,270+18.9%
95037Current$2,750—
95038$3,270+18.9%
95044$3,270+18.9%
95046$2,800+1.8%
95050$3,190+16.0%

Questions about ZIP 95037 rents

How much will Section 8 pay for a two-bedroom in ZIP 95037?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,750, that basic range is $2,475 to $3,025 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 95037 in?

ZIP 95037 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 95037 for FY 2027?

The two-bedroom FMR fell 2.5%, from $2,820 in FY 2026 to $2,750 in FY 2027. Since FY 2023 it has risen 6.2%.

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 rentMorgan Hill, CA fair market rentCA statewide rentsWhat is SAFMR?Data sources