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 91383 in California presents unique challenges for both renters and landlords due to incomplete data on median income and housing costs. However, with the voucher payment standard set at Fair Market Rent (FMR) of $2540 for the fiscal year 2024, we can make some assessments based on the available information.
A household receiving a Section 8 voucher would have a guaranteed rental payment of $2540 per month, which is a fixed amount they could allocate towards rent. This figure represents the maximum amount the government will pay to landlords participating in the program. Given the lack of specific market rate data, it's unclear how this compares to the actual rental prices in 91383. But if the market rate is higher than the voucher amount, there would be a significant affordability gap for low-income households without additional financial support.
The unknown percentage of renters and population size in 91383 makes it difficult to predict the level of competition among landlords. However, if the majority of residents are renters and many rely on Section 8 vouchers due to low incomes, landlords might find themselves competing more for voucher-paying tenants than those able to pay market rates.
Takeaway: For landlords considering whether to accept Section 8 vouchers or focus on cash-paying tenants, the decision should hinge on the local rental market dynamics and the proportion of potential tenants who use vouchers. If the market rate is significantly above $2540, landlords may face a choice between accepting lower guaranteed payments through the voucher program or potentially leaving units vacant while waiting for cash-paying tenants. Conversely, if the voucher amount aligns closely with market rates or if there is a high concentration of voucher users, the program can provide a stable income source with less risk of unpaid rent.
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.