Section 8 Fair Market Rent (FMR) for ZIP 90702 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 90702, located in California, is part of a region known for its high living standards and desirable residential areas. It is an area where rental properties can play a significant role in the local housing market, particularly for those who prefer not to own a home due to the high costs associated with property values. Below is a detailed market analysis based on available data points.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 90702 for fiscal year 2024 is set at $2540. This figure serves as a benchmark for rental prices in the area, indicating the average rent that tenants can expect to pay.
• The market rent for ZIP 90702 is currently not available (N/A). Without this specific data, it's challenging to compare the actual market rates against the FMR, but the FMR provides a solid estimate of what the market rent might be.
• The median home value in ZIP 90702 is also not available (N/A). This lack of data suggests that the area may have limited housing sales activity, which could mean that the majority of homes are either owned outright or are long-term rentals.
• The percentage of the population that is renters in ZIP 90702 is not available (N/A). However, given the high FMR and potentially limited home ownership, it is likely that a significant portion of residents are renters.
• The Days on Market (DOM) for rental listings in ZIP 90702 is not available (N/A). This metric would typically indicate how quickly rental properties are leased, but without this information, we cannot assess the speed of the rental market.
• The median income for households in ZIP 90702 is not available (N/A). Understanding the income levels of residents is crucial for determining the affordability of the FMR and the potential demand for rental properties.

In summary, ZIP 90702 presents a market where rental properties are expected to perform well, especially considering the high FMR for two-bedroom apartments. The lack of specific data on market rent, median home value, renter share, DOM, and median income makes it difficult to provide a comprehensive analysis. However, the high FMR suggests that rental properties can command premium prices, making them attractive investments for landlords and small-portfolio investors looking to capitalize on the strong rental market dynamics in this 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.