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 |
ZIP code 90082 falls within the Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 90082 is set at $2540 for fiscal year 2024. This figure represents the maximum amount that a landlord can charge for a rental property to be considered affordable under the Section 8 program.
To contextualize this data, we must look at the broader picture of the Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area. Typically, ZIP codes within this area have varying FMRs, market rents, and home values. However, specific market rent and home value data for ZIP 90082 are currently unavailable. Additionally, the percentage of renters in this ZIP code is also not specified, making it difficult to draw definitive conclusions about its status as a value pocket, mid-tier neighborhood, or premium sub-market.
Given the FMR of $2540, if the actual market rents were lower than this figure, it would suggest that 90082 could be an attractive option for tenants seeking affordable housing under the Section 8 program. Conversely, if market rents are higher, landlords participating in the Section 8 program might find themselves at a disadvantage compared to those renting outside of the program.
The absence of home value and renter share data makes it challenging to pinpoint 90082's exact position within the metro area. If, hypothetically, 90082 had a high renter share and below-average home values relative to the metro, it would indicate a potential sweet spot for Section 8 properties. Such conditions suggest that there are more renters who qualify for the program, and lower home values mean that landlords might find it easier to compete in the rental market while still adhering to the FMR guidelines.
In conclusion, while the FMR of $2540 provides a baseline for affordability within ZIP 90082, additional data on market rents, home values, and the percentage of renters would be necessary to accurately classify it as a value pocket, mid-tier neighborhood, or premium sub-market within the Los Angeles-Long Beach-Glendale, CA HUD Metro FMR 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.