Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,960 |
| 1 Bedroom | $3,310 |
| 2 Bedrooms | $4,080 |
| 3 Bedrooms | $5,180 |
| 4 Bedrooms | $5,790 |
| 5 Bedrooms | $6,716 |
| 6 Bedrooms | $7,522 |
| 7 Bedrooms | $8,124 |
| 8 Bedrooms | $8,530 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,310 | $723,926 | 0.46% | F |
| 2BR | $4,080 | $1,185,060 | 0.34% | F |
| 3BR | $5,180 | $1,501,046 | 0.35% | F |
| 4BR | $5,790 | $3,192,500 | 0.18% | F |
| 5BR | $6,716 | $3,877,875 | 0.17% | F |
U.S. Census Bureau data (2024)
The ZIP code 90292, located in Marina del Rey, California, presents an interesting scenario when viewed from the renter's perspective. The median household income here is $146,167, which is quite high. However, the market rate rent, known as the Zillow Observed Rent Index (ZORI), stands at $3,795. This means that even with a substantial income, the cost of living is still significant.
To further analyze affordability, let's consider the Fair Market Rent (FMR) set by HUD for the fiscal year 2024, which is $3,820 for this ZIP code. The FMR is used as a benchmark for housing assistance programs, including Section 8 vouchers. Given that the market rate is just below the FMR, it indicates that the rental prices are closely aligned with the government's assessment of fair rent.
With 71.1% of the population being renters and a total population of 23,982, the demand for rental properties is high. This creates a competitive environment for landlords, as they must offer attractive terms to secure tenants. The affordability gap between the median income and the market rate rent suggests that many households would benefit from assistance programs like Section 8.
For landlords considering their strategy, the choice between accepting voucher payments or focusing on cash-paying tenants should be informed by these figures. While cash-paying tenants might offer slightly higher rents, the high percentage of renters in the area means that there is a significant opportunity for landlords who accept vouchers. The voucher payment standard of $3,820 is very close to the market rate, making it a viable option for maintaining steady occupancy without sacrificing too much in rent.
In conclusion, landlords in ZIP 90292 should be aware of the strong tenant demand and the reality of high rental costs relative to incomes. Accepting Section 8 vouchers could be a strategic move to ensure consistent tenancy while still receiving competitive rent payments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). Demographics from U.S. Census (2024).
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.