ZIP Code · CA

ZIP 95340

Part of Merced, CA

Pop. 38,303·Merced County·859th most expensive ZIP in California

Median rent (all units)

$1,690/mo

Year-over-Year

-0.4%

Month-over-Month

-0.8%

vs US Median

-$242

Reported rents

Falling (Monthly)

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Most AffordableMost Expensive

ZIP 95340 · $1,690

More affordable than 59% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$1,040

1 BR

$1,130

2 BR

$1,400

3 BR

$1,930

4 BR+

$2,330

Research median

$1,400/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 95340 is 2.3% below its high of $1,730 in April 2026, at $1,690 as of September 2026.

Past year vs. the rest of California

Rent in ZIP 95340 changed -0.4% over the year to September 2026. Across the 819 California ZIP codes Zillow tracks, the typical change was +3.2%.

Recent direction

Rent has fallen 5 months in a row, and rose in 6 of the last 12 months.

What a typical income covers

30% of the median household income ($71,193) is $1,780 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,400); a 3-bedroom is $1,930.

Rank in Merced

1st cheapest of 3 ZIP codes in Merced.

From Zillow's monthly rent index (ZORI) for ZIP 95340. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$20,280/yr

At $1,690/mo median

Location

CityMerced

StateCA

CountyMerced County

Rent Market Meter

Renter's Market

Renter's MarketBalancedLandlord's Market

Rents are softening (down 0.4% YoY), so renters have negotiating leverage.

Based on rent-price momentum (-0.4% YoY, -0.8% MoM), not inventory.

Demographics

Who lives here

ZIP 95340 (Merced, CA) is majority owner-occupied, 26.8% of residents hold a bachelor's degree or higher.

Population

38,303

Median income

$71,193

Median age

32.4

Renters

42.8%

Age distribution

24%

29.3%

20%

14.7%

Under 1824%

18–3429.3%

35–5420%

55–6412%

65+14.7%

Gender

49.2%

50.8%

Male49.2%

Female50.8%

Race & ethnicity

39.4%

50.2%

White39.4%

Black3.6%

Hispanic50.2%

Asian8.8%

Education (25+)

14.9%

23%

35.3%

26.8%

No HS diploma14.9%

HS diploma23%

Some college35.3%

Bachelor's+26.8%

Housing tenure

57.2%

42.8%

Owner57.2%

Renter42.8%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2022 vs 2026

How ZIP 95340 in Merced, CA has changed in 5 years

Rent

$1,472 → $1,690

up 14.8%

Income

$59,034 → $71,193

up 20.6%

Population

37,584 → 38,303

up 1.9%

Renter share

45.9% → 42.8%

-3.1 pts

Bachelor's+

25.3% → 26.8%

+1.5 pts

Median age

31.9 → 32.4

+0.5 yrs

Across the past five years, the going rent in ZIP 95340 in Merced, CA has shifted from $1,472 to $1,690, up 14.8% since 2022. Local incomes tracked alongside that move, going from a median of $59,034 in 2021 to $71,193 more recently. With wages climbing faster than rent over the same window, renters here have a bit more breathing room than they did five years back. Census counts show ZIP 95340 in Merced, CA adding about 719 residents over the five-year window, up 1.9% on net. The renter share has eased from 45.9% to 42.8%, with owner-occupied housing accounting for the remainder. These shifts give renters and would-be renters a longer baseline for sizing up today's listings against the ZIP 95340 in Merced, CA market of 2022.

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About renting in ZIP 95340

Last updated: October 17, 2026

ZIP code 95340 covers Merced, CA. The median rent here is $1,690/mo as of October 2026. A 1-bedroom rents for a median of $1,130/mo. A 2-bedroom rents for a median of $1,400/mo.

At 28% of local median household income ($71,193/yr), ZIP 95340 ranks as affordable compared to the national benchmark of 30%. Rents have decreased 0.4% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 95340?

To keep rent at or below 30% of gross income, you would need to earn at least $68,000/year (about $33/hour full-time) to afford the median rent of $1,690/mo in ZIP 95340. The local median household income is $71,193/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 95340?

Rent in ZIP 95340 has been roughly flat over the past year as of September 2026, a -0.4% change. It sits 2.3% below its high of $1,730 in April 2026.

How does ZIP 95340 compare to other ZIPs in California?

ZIP 95340 is one of the more affordable among California ZIP codes for rent, ranking #859 of 898 at $1,690/mo. Over the year to September 2026, rent in ZIP 95340 changed -0.4%, against a typical +3.2% across the 819 California ZIP codes Zillow tracks.