FMR is below market; voucher rent may lag private rents.
0.73
1 BR
1 BR
0.79ratio
FMR$1,100
Market$1,400
vs market-$300
FMR is below market; voucher rent may lag private rents.
0.79
2 BR
2 BR
0.76ratio
FMR$1,360
Market$1,780
vs market-$420
FMR is below market; voucher rent may lag private rents.
0.76
3 BR
3 BR
0.89ratio
FMR$1,870
Market$2,110
vs market-$240
FMR is below market; voucher rent may lag private rents.
0.89
4 BR
4 BR
0.99ratio
FMR$2,260
Market$2,290
vs market-$30
FMR is near market; voucher and private rents are aligned.
0.99
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 95312 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95312 (Cressey, CA) is $1,360 a month. That is down 8.7% from $1,490 in FY 2026. Cressey is in the Merced, CA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,517. Among 22 ZIP codes in Merced County, 95312 is tied for the 15th-highest two-bedroom rent (county range $1,360–$1,860). The median county two-bedroom FMR in California is $1,725, so ZIP 95312 is 21% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 95312
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,110
$1,010
−9.0%
$909–$1,111
1BR
$1,200
$1,100
−8.3%
$990–$1,210
2BR
$1,490
$1,360
−8.7%
$1,224–$1,496
3BR
$2,050
$1,870
−8.8%
$1,683–$2,057
4BR
$2,480
$2,260
−8.9%
$2,034–$2,486
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 95312
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,010
$1,100
$1,360
$1,870
$2,260
FY 2026
$1,110
$1,200
$1,490
$2,050
$2,480
FY 2025
$1,060
$1,210
$1,490
$2,050
$2,500
FY 2024
$800
$930
$1,140
$1,600
$1,930
FY 2023
$710
$840
$1,030
$1,460
$1,750
Two-bedroom rent in nearby Merced County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 95312?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,517, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,365 to $1,669 a month; under the ZIP-level Small Area FMR of $1,360 it would be $1,224 to $1,496. 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 95312 in?
ZIP 95312 is in the Merced, CA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,517.
How much did fair market rent change in ZIP 95312 for FY 2027?
The two-bedroom FMR fell 8.7%, from $1,490 in FY 2026 to $1,360 in FY 2027. Since FY 2023 it has risen 32.0%.
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