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 dynamics of ZIP 91185 in Unknown, CA, reveal a market in motion, characterized by the Federal Market Rent (FMR) at $2540 for the fiscal year 2024. The FMR, set by HUD, indicates the maximum amount of rental assistance that can be provided to tenants under the Section 8 program. With the market rent currently unreported, it's challenging to compare the FMR against prevailing rates, but the fact that HUD has established a figure suggests an active rental market.
The lack of available data on the percentage of price-cut share and days on market (DOM) points to either a new or rapidly changing market, where traditional metrics might not fully capture the current state. Similarly, the absence of a reported median home value complicates a direct comparison between rental and homeownership costs, but it underscores the potential volatility in property values. This volatility could indicate that the market is experiencing shifts due to external factors such as economic changes, population growth, or development activities.
A significant unknown in the ZIP code's housing landscape is the percentage of renters. The N/A% renter share suggests that there is no definitive data on the proportion of residents who rent versus those who own. However, if we assume that the rental market is robust enough to warrant a Section 8 FMR, it implies a substantial number of renters. A high renter share often correlates with long-term housing pressure, indicating that many residents are likely facing challenges in transitioning to homeownership. This pressure could persist if job opportunities, wages, or other economic factors do not align with the cost of homeownership.
In summary, ZIP 91185 presents a market where the federal government recognizes the need for rental assistance at a specific rate, suggesting a demand for affordable housing. The lack of certain metrics, such as market rent and median home value, hints at a market that is evolving, possibly due to ongoing developments or changes in local demographics. The undefined renter share leaves room for speculation on the balance between renters and homeowners, but it points towards a scenario where renting is a significant component of the housing landscape, potentially signaling long-term pressures on affordability.
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.