How much is a home worth in ZIP code 94538?

The typical home in 94538 is worth $1,342,016, based on the Zillow Home Value Index.

Are home values rising in 94538?

Home values in 94538 are down 4.5% over the past year, and up 4.5% a year over five years.

What is the typical rent in 94538?

A typical home in 94538 rents for about $2,983 a month, a gross rental yield of 2.7%.

What is the property tax rate in 94538?

The effective property tax rate in 94538 is 0.7% — roughly $8,982 a year on a typical home.

ZIP code 94538 has a population of 67,781 and a median household income of $147,301.

HousingHandbookReference data

…

U.S. ZIP Code · CA94538

Alameda County · San Francisco-Oakland-Fremont, CA

Typical home value

$1,342,016^[1]

Zillow Home Value Index, as of April 2026

Appreciation

1-year: -4.5%
5-year / yr: +4.5%
10-year / yr: +5.8%

Relative price

vs U.S.: +372.4%
vs metro: +7.3%
vs state: +91.6%

Price history

Zillow Home Value Index — monthly, smoothed and seasonally adjusted.

The typical home in 94538 is worth $1,342,016 — 7.3% above the San Francisco-Oakland-Fremont, CA median. Over the past year, values have fallen 4.5%. Homes here rent for a typical $2,983 a month — a 2.7% gross rental yield. The effective property tax rate is 0.7%.

#Rent & investment

Typical asking rent, and the returns it implies at the current home value.

Monthly rent: $2,983^[2]
Gross yield: 2.7%^[2]
Cap rate: 1.6%^[2]

#Property tax

Effective rate — total real estate taxes paid relative to total home value.

Effective tax rate: 0.7%^[3]
Typical annual tax: $8,982^[3]

#Climate risk

FEMA National Risk Index ratings for Alameda County. "Not Applicable" means the hazard does not threaten the county.

Overall risk: Very High^[4]
Riverine flood: Very High
Coastal flood: Relatively High
Wildfire: Relatively High
Drought: Relatively Moderate
Heat wave: Relatively High
Hurricane: Not Applicable
Tornado: Relatively Moderate
Earthquake: Very High
Winter weather: Very Low

#Who lives here

Population: 67,781^[3]
Median household income: $147,301^[3]

#Migration

Household moves in and out of Alameda County over a year, from IRS tax-return data.

Net migration: -8,347^[5]
Moved in: 40,744
Moved out: 49,091

Schools

Open public schools in this ZIP, from the NCES Common Core of Data.

Public schools: 20
Elementary: 9
Middle: 2
High: 6

Irvington High
High · Grades 9–12 · Fremont Unified
2,161 students
John M. Horner Middle
Middle · Grades 6–8 · Fremont Unified
1,585 students
John F. Kennedy High
High · Grades 9–12 · Fremont Unified
1,273 students
G. M. Walters Middle
Middle · Grades 6–8 · Fremont Unified
1,154 students
Lila Bringhurst Elementary
Elementary · Grades K–5 · Fremont Unified
942 students

Run the numbers

Interactive calculators pre-filled with this ZIP's typical home value, rent, and property-tax rate. Edit any field to recompute.

Home value$Monthly rent$

Gross yield2.7%

Net yield (after ~40% expenses)1.6%

Annual rent$35,800

Gross and net yield are estimates based on the inputs and the selected expense ratio. Actual income and expenses will vary by property and market. Not investment advice.

Home price$Down payment%Interest rate%Loan termyears

Monthly payment$6,786

Loan principal$1,073,613

Down payment$268,403

Total interest paid$1,369,334

Estimated monthly payments include principal and interest only. Actual costs will include property tax, insurance, possibly PMI, and HOA fees not modeled here. Loan terms shown are estimates; consult a licensed lender for current rates and qualification.

Home price$Monthly rent$Down payment%Mortgage rate%Property tax rate% / yrMaintenance% / yrRule of thumb: 1% of home value per year.

Own : rent ratio2.90

Monthly cost to own$8,654

Monthly rent$2,983

Renting is meaningfully cheaper month-to-month.

This calculator projects multi-year scenarios based on assumptions about appreciation, rent growth, and investment returns — none of which are guaranteed. Actual outcomes depend on variables this tool cannot know. Not financial or real estate advice.

#Metro ranking

Where this ZIP sits among others in its metro area.

Appreciation: 96th percentile^[1]
Rental yield: 31st percentile^[2]
Property tax: 30th percentile^[3]

Frequently asked

How much is a home worth in ZIP code 94538?: The typical home in 94538 is worth $1,342,016, based on the Zillow Home Value Index.
Are home values rising in 94538?: Home values in 94538 are down 4.5% over the past year, and up 4.5% a year over five years.
What is the typical rent in 94538?: A typical home in 94538 rents for about $2,983 a month, a gross rental yield of 2.7%.
What is the property tax rate in 94538?: The effective property tax rate in 94538 is 0.7% — roughly $8,982 a year on a typical home.
Who lives in 94538?: ZIP code 94538 has a population of 67,781 and a median household income of $147,301.

#Comparable ZIPs

Same metro, nearest typical home value. Each card shows the comparable ZIP's headline numbers so you can scan at a glance.

94110 vs 94538 →
San Francisco, CA
Typical home
$1,349,591
Gross yield
3.5%
94709 vs 94538 →
Berkeley, CA
Typical home
$1,330,376
Gross yield
2.7%
94963
San Geronimo CDP, CA
Typical home
$1,327,975
Gross yield
—
94132
San Francisco, CA
Typical home
$1,361,250
Gross yield
3.2%
94133
San Francisco, CA
Typical home
$1,370,624
Gross yield
4.0%
94066
San Bruno, CA
Typical home
$1,310,825
Gross yield
3.0%

Want similar ZIPs from outside this metro? Browse nationally similar ZIPs →

Compare ZIPs

Pit ZIP 94538 against any other ZIP — full side-by-side table.

Compare 94538 →

#Jump to section

U.S. ZIP Code · CA94538

Get more data on ZIPs like this

Get more data on ZIPs like this