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 Fair Market Rent (FMR) for ZIP code 90054 in fiscal year 2024 is set at $2540. This figure represents the payment standard for Section 8 rentals, which is the amount that the Housing Choice Voucher program will cover for a unit of housing. It does not represent the rent you can charge your tenant; rather, it's the maximum subsidy amount the government will pay.
Local market rents are currently listed as N/A, which makes direct comparison challenging. However, the FMR serves as a benchmark to ensure that rents charged to Section 8 tenants are reasonable and competitive with the general rental market.
In ZIP 90054, the percentage of renters who could be considered part of the demand for Section 8 housing is N/A%. This indicates that there is a significant number of potential tenants who might be looking for affordable housing options through the voucher program. The demand for Section 8 properties can be quite strong in areas where a large portion of the population relies on such assistance.
The acquisition cost for properties in this area is also noted as N/A. This suggests that purchasing a property suitable for Section 8 tenants would require an investment aligned with the local real estate market values. Understanding the acquisition cost helps in assessing whether a Section 8 rental can be profitable given the FMR and other operating costs.
Before deciding to enter into a Section 8 rental agreement, it is crucial to verify that your property meets all the necessary requirements for the program. These include safety standards, habitability conditions, and sometimes aesthetic considerations. Ensuring compliance with these regulations is essential to avoid penalties and to maintain eligibility for receiving the subsidy payments.
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.