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 | $2,320 |
| 1 Bedroom | $2,590 |
| 2 Bedrooms | $3,190 |
| 3 Bedrooms | $4,050 |
| 4 Bedrooms | $4,530 |
| 5 Bedrooms | $5,255 |
| 6 Bedrooms | $5,886 |
| 7 Bedrooms | $6,357 |
| 8 Bedrooms | $6,675 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,590 | $791,870 | 0.33% | F |
| 2BR | $3,190 | $969,175 | 0.33% | F |
| 3BR | $4,050 | $1,389,410 | 0.29% | F |
| 4BR | $4,530 | $1,788,173 | 0.25% | F |
| 5BR | $5,255 | $2,202,501 | 0.24% | F |
U.S. Census Bureau data (2024)
The ZIP code 91024, located in Sierra Madre, CA, presents a market in motion characterized by a delicate balance between supply and demand. The Fair Market Rent (FMR) for the area stands at $2760 for the fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly higher market rent of $3,127. This suggests that the rental market is somewhat above fair market levels, indicating a robust demand for rental properties.
The low price-cut share of 0.2% implies that landlords are generally not needing to reduce their asking rents to attract tenants, further supporting the idea that the market is favoring the landlord side. Although the days on market (DOM) is listed as N/A, which could mean either very quick sales or a lack of recent transactions, the median home value of $1,438,421 provides insight into the overall desirability and financial commitment required for homeownership in the area. This high median value can be indicative of limited supply or strong demand, or both, depending on the local economic conditions and population trends.
A significant 44.2% of residents in ZIP 91024 are renters, which signals a notable long-term housing pressure. This high percentage of renters suggests that there is a continuous need for rental properties, possibly due to the high cost of homeownership or other factors such as job mobility or lifestyle choices. For small-portfolio investors and landlords, this statistic points to a stable tenant base, ensuring steady rental income without the necessity for frequent price adjustments.
In summary, ZIP 91024 is a market where demand appears to be closely aligned with supply, if not slightly exceeding it, especially in the rental sector. The dynamics suggest that landlords and investors can expect a relatively stable environment with modest upward pressure on rental rates, supported by a substantial share of renters who indicate ongoing housing needs.
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.