FMR is near market; voucher and private rents are aligned.
1.04
2 BR
2 BR
1.21ratio
FMR$2,170
Market$1,790
vs market+$380
FMR is above market; underwrite to market rent.
1.21
3 BR
3 BR
1.20ratio
FMR$2,850
Market$2,380
vs market+$470
FMR is above market; underwrite to market rent.
1.20
4 BR
4 BR
1.29ratio
FMR$3,280
Market$2,540
vs market+$740
FMR is above market; underwrite to market rent.
1.29
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
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ZIP 95609 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 95609 (Carmichael, CA) is $2,170 a month. That is down 2.3% from $2,220 in FY 2026. Carmichael is in the Sacramento--Roseville--Arden-Arcade, CA HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 69 ZIP codes in Sacramento County, 95609 is tied for the 33rd-highest two-bedroom rent (county range $1,360–$3,130). The median county two-bedroom FMR in California is $1,725, so ZIP 95609 is 26% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 95609
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,720
$1,720
0.0%
$1,548–$1,892
1BR
$1,800
$1,770
−1.7%
$1,593–$1,947
2BR
$2,220
$2,170
−2.3%
$1,953–$2,387
3BR
$2,960
$2,850
−3.7%
$2,565–$3,135
4BR
$3,410
$3,280
−3.8%
$2,952–$3,608
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 95609
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,720
$1,770
$2,170
$2,850
$3,280
FY 2026
$1,720
$1,800
$2,220
$2,960
$3,410
FY 2025
$1,640
$1,740
$2,160
$2,930
$3,380
FY 2024
$1,510
$1,630
$2,030
$2,830
$3,250
FY 2023
$1,250
$1,370
$1,720
$2,440
$2,850
Two-bedroom rent in nearby Sacramento County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 95609?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,170, that basic range is $1,953 to $2,387 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 95609 in?
ZIP 95609 is in the Sacramento--Roseville--Arden-Arcade, 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 95609 for FY 2027?
The two-bedroom FMR fell 2.3%, from $2,220 in FY 2026 to $2,170 in FY 2027. Since FY 2023 it has risen 26.2%.
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