Section 8 Fair Market Rent (FMR) for ZIP 90009 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 90009, located in the heart of Los Angeles, California, is known for its vibrant urban landscape and proximity to key cultural landmarks. This area attracts a diverse mix of residents and visitors, making it a prime location for real estate investments, particularly in the rental market. However, the real estate market here is complex and requires careful analysis to navigate effectively.

• Fair Market Rent (FMR) for ZIP 90009 in fiscal year 2024 is set at $2540. This figure represents the average rent that tenants can expect to pay for a two-bedroom apartment in the area, providing a benchmark for rental pricing.
• The market rent for the area is currently unavailable. Without specific market rent data, it's challenging to compare actual rental rates against government-set FMRs, which could indicate either a stable market or a lack of recent comprehensive studies.
• The median home value in ZIP 90009 is also not available. This absence of data on home values suggests that the area might be predominantly rental-focused, with fewer single-family homes or a lack of recent sales data to calculate these figures accurately.
• The percentage of renters in the area is unknown. Understanding the proportion of renters to homeowners is crucial for gauging the demand for rental properties. The lack of this information makes it difficult to assess how much of the local population relies on rentals.
• The Days on Market (DOM) for properties in ZIP 90009 is not available. This metric would typically give insight into how quickly properties are selling or renting, indicating market speed and possibly competition levels.
• The median household income for ZIP 90009 is not available. Knowing the income levels of the residents helps in determining the affordability of housing and potential rental rates that the market can support.

Despite the limitations posed by the unavailability of certain key metrics such as market rent, median home value, renter share, DOM, and median income, the Fair Market Rent figure provides a clear indication of what landlords can reasonably charge for a two-bedroom unit. Investors should focus on leveraging the area's strong urban appeal and cultural significance to attract tenants, while keeping an eye on broader Los Angeles market trends to make informed decisions. Given the high FMR, there is potential for steady rental income, but investors must remain cautious about relying solely on this figure without additional context on local market dynamics.

Data Sources: FMR data from HUD (2027).

About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.