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 market in ZIP code 91043, located in California, is currently characterized by a Fair Market Rent (FMR) of $2540 for fiscal year 2024. This figure serves as a benchmark for rental prices in the area, indicating what the government deems as a reasonable cost for housing units. However, the absence of data on market rent, days on market (DOM), and median home value suggests a lack of transparency regarding the current state of the rental and sales markets.
With the provided data, we can infer that the market is in motion due to the presence of an updated FMR figure, which implies ongoing adjustments to rental costs based on economic conditions and housing demand. The undefined percentage of price-cut share and DOM indicate that there may be limited listings available or a recent surge in activity that has not yet been fully captured by the market data.
The N/A% renter share also plays a crucial role in understanding the dynamics of the housing market. Typically, a higher renter share points towards greater long-term housing pressure, as it reflects a larger portion of the population relying on rental properties rather than owning homes. Conversely, a lower renter share might suggest a stable or declining pressure on rentals. In ZIP 91043, the lack of data on the renter share leaves room for speculation but does highlight the need for further investigation into the local housing trends and preferences.
Given the incomplete dataset, it's challenging to definitively state whether supply outpaces demand or vice versa. However, the defined FMR and undefined market rent suggest that while the government has set a standard for what it considers fair, the actual rental prices may vary widely, indicating potential volatility in the market. This could be due to several factors, including changes in local economic conditions, shifts in population demographics, or fluctuations in the availability of affordable housing.
In conclusion, ZIP 91043 presents a market in flux, driven by a defined FMR but lacking critical metrics that would provide a clearer picture of supply and demand dynamics. Landlords and small-portfolio investors should closely monitor these indicators as they become available to make informed decisions about their investments 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.