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Fair Market Rent is HUD's 40th-percentile gross-rent benchmark used to set Section 8 voucher payment standards. How it's calculated, what it covers, and the 2026 figures.

San Francisco tops the FY2026 Fair Market Rent list at $3,604 for a two-bedroom. The most expensive US metros for renters by HUD FMR, and why they cost so much.

Housing Choice Vouchers use FMR to set payment standards, usually 90–110% of the local FMR. How the payment standard, your 30%-of-income share and the subsidy fit together.

Fair Market Rent is HUD's 40th-percentile benchmark for vouchers; market rent is what landlords actually charge. Why FMR is usually lower and which figure to use.

How HUD sets FMR for studios through 4-bedrooms, why bigger units cost more, and where the studio-to-4BR jump is largest. With the FY2026 national figures.

McAllen, El Paso and Tulsa have the lowest two-bedroom Fair Market Rents among large US metros in 2026. The cheapest metros and states for renters by HUD FMR.