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 90607 is located in Whittier, California, a city known for its suburban charm and strong community ties. The population of the area stands at 20,607, indicating a modest-sized neighborhood that is neither densely packed nor sparsely populated. With a median household income of $55,607, it reflects a middle-class community where residents can afford basic living expenses but might seek affordable housing options.
The median home value in ZIP 90607 is $262,131, which is relatively low compared to other parts of Los Angeles County, making it an attractive area for first-time homebuyers and investors looking for affordable entry points. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $2540, a figure that is crucial for landlords and investors involved with Section 8 housing.
When comparing the FMR to the general market rent, which has not been specified in the data provided, it's important to note that the FMR serves as a benchmark for affordability. If the market rent exceeds the FMR, it suggests that there may be opportunities for landlords who are willing to work with Section 8 vouchers, as tenants could find it difficult to secure housing without assistance.
In terms of investment strategy, ZIP 90607 caters well to both hands-off voucher operators and hands-on value-add buyers. For those seeking a passive income stream, the stability of Section 8 tenants and the predictability of government-subsidized rents make this a viable option. On the other hand, for investors interested in actively managing properties to increase their value, the lower median home value presents a chance to purchase at a discount and potentially improve the property to command higher rents once the market stabilizes.
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.