For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95134 (San Jose, CA) is $4,460 a month. That is down 5.9% from $4,740 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, 95134 has the 2nd-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 95134 is 159% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 95134
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$3,570
$3,350
−6.2%
$3,015–$3,685
1BR
$4,060
$3,790
−6.7%
$3,411–$4,169
2BR
$4,740
$4,460
−5.9%
$4,014–$4,906
3BR
$6,260
$5,990
−4.3%
$5,391–$6,589
4BR
$6,820
$6,390
−6.3%
$5,751–$7,029
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 95134
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$3,350
$3,790
$4,460
$5,990
$6,390
FY 2026
$3,570
$4,060
$4,740
$6,260
$6,820
FY 2025
$3,500
$3,990
$4,620
$6,000
$6,540
FY 2024
$3,280
$3,710
$4,310
$5,520
$6,090
FY 2023
$3,170
$3,580
$4,190
$5,340
$5,990
Two-bedroom rent in nearby Santa Clara County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 95134?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $4,460, that basic range is $4,014 to $4,906 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 95134 in?
ZIP 95134 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 95134 for FY 2027?
The two-bedroom FMR fell 5.9%, from $4,740 in FY 2026 to $4,460 in FY 2027. Since FY 2023 it has risen 6.4%.
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