Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,150 |
| 1 Bedroom | $2,400 |
| 2 Bedrooms | $2,960 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,200 |
| 5 Bedrooms | $4,872 |
| 6 Bedrooms | $5,457 |
| 7 Bedrooms | $5,894 |
| 8 Bedrooms | $6,189 |
The situation in ZIP code 90051, located in Los Angeles, California, presents a unique challenge for both renters and landlords. The median income data is currently unavailable, which complicates the assessment of how well households can afford the local market rate. However, the market rate itself is also listed as N/A, indicating a lack of specific rental price data.
Despite these gaps in data, we can still evaluate the context using the Fair Market Rent (FMR) standard set by HUD for ZIP 90051, which stands at $2540 for fiscal year 2024. This figure represents the maximum amount that a housing voucher will cover, providing insight into the government's view on affordable rent in the area. For renters, this means they must either find housing below this threshold or supplement the cost with their own funds if the actual market rate exceeds it.
The percentage of renters and the total population in ZIP 90051 are also unspecified, making it difficult to gauge the exact competition level among landlords. However, given the high cost of living in Los Angeles and the typical demand for affordable housing, it's reasonable to infer that there is likely significant competition among renters and landlords alike.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: the FMR of $2540 sets a benchmark for affordability. Landlords who can offer units at or slightly above this rate will attract voucher holders, ensuring stable and guaranteed income. On the other hand, those who aim higher might cater to renters willing to pay out-of-pocket, but they risk reduced occupancy rates due to the affordability gap. Landlords should weigh the benefits of guaranteed payments from vouchers against the potential for higher rents from cash-paying tenants, keeping in mind the overall economic conditions and the supply of available units in the area.
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.