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Santa Clara County/San Jose/95138

95138

ZIPSAFMR
Santa Clara County, CA
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$2,400$2,210
1 BR$2,710$2,440
2 BR$3,190$3,160
3 BR$4,290$4,260
4 BR$4,570$4,910
5 BR$5,256Not available
6 BR$6,044Not available
7 BR$6,950Not available
8 BR$7,993Not available

Purchase Price Calculator

Maximum purchase price
$407,658

Cost breakdown

+Likely effective rent$3,160
HUD FMR$3,190
Market rentUsed$3,160
Est. payment standard (99%)$3,170
-Principal and interest-$2,061
Loan amount$326,127
Down payment$81,532
Rate6.50%
Term30 years
-Operating costs-$899
Property taxes-$408
Insurance-$175
Utilities$0
HOA$0
Management-$316
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$50,229(61.6% ROI)
Projected value
$439,003
Return breakdown
Property appreciation+$31,345
Loan principal paid down+$11,684
Rental cash flow+$7,200
5-year hold
+$86,406(106.0% ROI)
Projected value
$461,228
Return breakdown
Property appreciation+$53,570
Loan principal paid down+$20,836
Rental cash flow+$12,000
10-year hold
+$187,828(230.4% ROI)
Projected value
$521,837
Return breakdown
Property appreciation+$114,179
Loan principal paid down+$49,649
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.09
1 BR
1.11
2 BR
1.01
3 BR
1.01
4 BR
0.90
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 95138 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95138 (San Jose, CA) is $3,190 a month. That is down 7.8% from $3,460 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, 95138 is tied for the 80th-highest two-bedroom rent (county range $2,290–$4,480). The median county two-bedroom FMR in California is $1,725, so ZIP 95138 is 85% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 95138
BedroomsFY 2027Change90–110% range
Studio$2,400−7.7%$2,160–$2,640
1BR$2,710−8.4%$2,439–$2,981
2BR$3,190−7.8%$2,871–$3,509
3BR$4,290−6.1%$3,861–$4,719
4BR$4,570−8.2%$4,113–$5,027

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 95138
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,400$2,710$3,190$4,290$4,570
FY 2026$2,600$2,960$3,460$4,570$4,980
FY 2025$2,690$3,060$3,550$4,610$5,020
FY 2024$2,580$2,920$3,390$4,340$4,790
FY 2023$2,530$2,860$3,350$4,270$4,790

Two-bedroom rent in nearby Santa Clara County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 95138
95129$3,230+1.3%
95130$2,640−17.2%
95131$3,620+13.5%
95132$3,630+13.8%
95133$3,000−6.0%
95134$4,460+39.8%
95135$3,640+14.1%
95136$3,150−1.3%
95138Current$3,190—
95139$3,870+21.3%
95140$3,180−0.3%
95141$3,270+2.5%

Questions about ZIP 95138 rents

How much will Section 8 pay for a two-bedroom in ZIP 95138?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,190, that basic range is $2,871 to $3,509 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 95138 in?

ZIP 95138 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 95138 for FY 2027?

The two-bedroom FMR fell 7.8%, from $3,460 in FY 2026 to $3,190 in FY 2027. Since FY 2023 it has fallen 4.8%.

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