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 situation in ZIP 91328 presents a unique challenge for both renters and landlords. The median income figure is currently unavailable, which makes it difficult to assess the financial capabilities of the average household. However, the market rate rent is also listed as N/A, indicating a lack of comprehensive data on rental costs in this area.
Despite these data gaps, we can still analyze the impact of the Federal Market Rate (FMR) for housing vouchers, which stands at $2540 for ZIP 91328 in fiscal year 2024. This standard represents the maximum amount that the government will pay towards a tenant's rent. If the market rate is indeed higher than this amount, as is often the case, there will be an affordability gap for those relying solely on voucher assistance.
The percentage of renters and the total population figures are also missing, which typically would give us insight into the demand for rental properties and the level of competition among landlords. Without this information, it's challenging to provide a precise picture of the rental market dynamics. However, it's safe to assume that if the population is substantial and the majority of residents are renters, then competition for tenants could be fierce.
For landlords considering their strategy for voucher versus cash-paying tenants, the key takeaway is that relying on voucher payments alone might limit the pool of potential tenants, especially if the market rate exceeds the FMR. Landlords should be prepared to offer competitive rates and possibly accept some level of subsidy to attract tenants who qualify for housing vouchers. On the other hand, securing cash-paying tenants who can afford the full market rate without government assistance can lead to more stable and potentially higher revenue streams. In the absence of detailed local market data, landlords must balance the benefits of voucher stability against the risks of lower returns and limited tenant options.
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.