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 ZIP code 90671 in Unknown, CA presents an interesting scenario for both renters and landlords. The median income data for this area is currently unavailable, which complicates the analysis of household financial capacity. However, the market rate for rental properties is also listed as N/A, indicating a lack of comprehensive data on typical rent prices in this specific region.
Despite these gaps in information, we can still draw some conclusions based on the available data. The Fair Market Rent (FMR) set by HUD for ZIP 90671 for fiscal year 2024 is $2540. This figure represents the maximum amount that a Section 8 housing voucher will cover for rent and utilities. Without knowing the exact percentage of renters or the total population, it's challenging to quantify the precise affordability gap. Nonetheless, if the actual market rates exceed $2540, many renters would find it difficult to afford living in this ZIP code without additional financial support.
The uncertainty around the median income and market rates suggests a competitive landscape for landlords. If the market rates are indeed higher than the voucher amount, landlords who accept vouchers might face a smaller pool of potential tenants compared to those who rely on cash-paying renters. Conversely, landlords who do not accept vouchers could benefit from a broader range of potential tenants willing to pay the higher market rates.
Takeaway: Landlords in ZIP 90671 should carefully consider their tenant acceptance strategy. Accepting vouchers limits the rent to $2540 but ensures a steady stream of income. Opting for cash-paying tenants could lead to higher rents, but it also means competing for a potentially smaller group of financially capable residents. The decision should be based on the landlord's financial goals and risk tolerance, as well as the willingness to adapt to the evolving rental market dynamics 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.