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 ZIP code 91308, located in California, presents an intriguing scenario for landlords and small-portfolio investors interested in Section 8 tenants. Due to the lack of specific population and rental statistics, a direct assessment of whether it is renter-heavy or dominated by homeowners is challenging. However, the median household income figure being unavailable suggests that the area might have a diverse economic makeup, which can be advantageous for those willing to cater to a wide range of income brackets.
Despite the missing data points, we can infer some critical insights by comparing the typical market rent to the Federal Market Rent (FMR) set at $2540 for FY 2024. This FMR value serves as a benchmark for the maximum amount that housing authorities will pay on behalf of a tenant. If the actual market rents in 91308 are close to or below this figure, landlords will find it easier to attract Section 8 tenants. Conversely, if market rents exceed this amount, landlords may need to consider accepting a lower rent or subsidizing the difference themselves to remain competitive.
The percentage of local income consumed by typical rent is a crucial factor in determining the attractiveness of the area for Section 8 tenants. Generally, affordable housing guidelines suggest that rent should not exceed 30% of a household's income. Without concrete income figures, it's difficult to provide a precise percentage. However, if the median income is significantly lower than the FMR, it indicates that a substantial portion of residents' income would go towards rent, making the area potentially less attractive for low-income tenants unless there is a high concentration of rental units priced within the FMR limit.
In terms of tenant profiles, landlords in 91308 can expect a mix of individuals and families who rely heavily on government assistance to meet their housing needs. These tenants are likely to have incomes at or below the poverty line, qualifying them for Section 8 vouchers. It is essential for landlords to understand the administrative requirements associated with Section 8 tenancy, including regular inspections and rent subsidies, to ensure compliance and maintain a stable tenant base.
To make informed decisions, landlords should actively seek out local real estate associations or housing authorities for more detailed data on the rental market dynamics and income levels within ZIP code 91308. This additional information will help clarify the depth of voucher demand and guide strategic investment choices.
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.