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Santa Clara County/San Jose/95123

95123

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

50Below average

095130300
BRFMR
Eff. Rent
0 BR$2,530$2,220
1 BR$2,860$2,460
2 BR$3,370$3,200
3 BR$4,530$4,170
4 BR$4,830$4,800
5 BR$5,555Not available
6 BR$6,388Not available
7 BR$7,346Not available
8 BR$8,448Not available

Purchase Price Calculator

Maximum purchase price
$413,602

Cost breakdown

+Likely effective rent$3,200
HUD FMR$3,370
Market rentUsed$3,200
Est. payment standard (97%)$3,260
-Principal and interest-$2,091
Loan amount$330,882
Down payment$82,720
Rate6.50%
Term30 years
-Operating costs-$909
Property taxes-$414
Insurance-$175
Utilities$0
HOA$0
Management-$320
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$50,857(61.5% ROI)
Projected value
$445,404
Return breakdown
Property appreciation+$31,802
Loan principal paid down+$11,855
Rental cash flow+$7,200
5-year hold
+$87,491(105.8% ROI)
Projected value
$467,953
Return breakdown
Property appreciation+$54,351
Loan principal paid down+$21,140
Rental cash flow+$12,000
10-year hold
+$190,217(230.0% ROI)
Projected value
$529,446
Return breakdown
Property appreciation+$115,844
Loan principal paid down+$50,373
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.14
1 BR
1.16
2 BR
1.05
3 BR
1.09
4 BR
1.01
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 95123 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95123 (San Jose, CA) is $3,370 a month. That is down 4.8% from $3,540 in FY 2026. San Jose 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, 95123 has the 31st-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 95123 is 95% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 95123
BedroomsFY 2027Change90–110% range
Studio$2,530−4.9%$2,277–$2,783
1BR$2,860−5.6%$2,574–$3,146
2BR$3,370−4.8%$3,033–$3,707
3BR$4,530−3.2%$4,077–$4,983
4BR$4,830−5.1%$4,347–$5,313

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 95123
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,530$2,860$3,370$4,530$4,830
FY 2026$2,660$3,030$3,540$4,680$5,090
FY 2025$2,600$2,960$3,430$4,460$4,850
FY 2024$2,380$2,690$3,130$4,010$4,420
FY 2023$2,260$2,560$2,990$3,810$4,270

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 95123
95117$2,920−13.4%
95118$2,950−12.5%
95119$3,580+6.2%
95120$3,500+3.9%
95121$3,440+2.1%
95122$2,740−18.7%
95123Current$3,370—
95124$3,350−0.6%
95125$3,020−10.4%
95126$3,250−3.6%
95127$2,940−12.8%
95128$3,310−1.8%

Questions about ZIP 95123 rents

How much will Section 8 pay for a two-bedroom in ZIP 95123?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,370, that basic range is $3,033 to $3,707 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 95123 in?

ZIP 95123 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 95123 for FY 2027?

The two-bedroom FMR fell 4.8%, from $3,540 in FY 2026 to $3,370 in FY 2027. Since FY 2023 it has risen 12.7%.

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 rentSan Jose, CA fair market rentCA statewide rentsWhat is SAFMR?Data sources