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 code 91117 falls within the Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 91117 in fiscal year 2024 is set at $2540. This figure is key for understanding the rental market dynamics in this area, particularly for landlords and investors involved with Section 8 housing.
Comparatively, the typical FMR for ZIP codes within the Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area ranges around $2200 to $2600, depending on the specific location and housing type. Therefore, ZIP 91117's FMR of $2540 aligns closely with the upper range of this typical spectrum, indicating that it is a mid-tier neighborhood in terms of rental pricing. However, the lack of available data on market rent and home values makes it challenging to fully assess its position within the broader market context.
The absence of specific market rent and home value data for ZIP 91117 suggests limited private market activity or a focus primarily on government-assisted housing. This could mean that the ZIP code is heavily reliant on programs like Section 8, where the FMR plays a significant role in determining rental subsidies. In such cases, the alignment of FMR with the upper range of typical ZIP codes might still place 91117 as a value pocket, especially if the actual market rents are lower due to higher demand for subsidized housing options.
Without the exact renter share percentage, it is difficult to determine if 91117 has a higher concentration of renters compared to other areas in the metro. A high renter share combined with below-average home values would typically indicate a sweet spot for Section 8 properties, but since we do not have the home value data, we cannot make this inference definitively. Nonetheless, given the FMR and the likely reliance on government-assisted housing, 91117 appears to be a valuable consideration for investors looking to capitalize on the demand for affordable housing solutions within the metro.
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.