Section 8 Fair Market Rent (FMR) for ZIP 91604 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 91604

• Housing Authority of the City of Los Angeles (Los Angeles, CA) - 53,428 Section 8 vouchers
• Los Angeles County Development Authority (Alhambra, CA) - 27,058 Section 8 vouchers
• City of Long Beach Housing Authority (Long Beach, CA) - 7,862 Section 8 vouchers
• Housing Authority of the City of Glendale (Glendale, CA) - 1,667 Section 8 vouchers
• Housing Authority of the City of Santa Monica (Santa Monica, CA) - 1,536 Section 8 vouchers
• City of Pasadena Housing Department (Pasadena, CA) - 1,525 Section 8 vouchers
• Housing Authority of the City of Inglewood (Inglewood, CA) - 1,201 Section 8 vouchers
• Housing Authority of the City of Pomona (Pomona, CA) - 1,119 Section 8 vouchers
• Housing Authority of the City of Burbank (Burbank, CA) - 1,047 Section 8 vouchers
• Housing Authority of the City of Baldwin Park (Baldwin Park, CA) - 913 Section 8 vouchers

When considering whether to invest in ZIP 91604 (Los Angeles, CA) for Section 8 properties, follow this decision tree:

• Does FMR $3430 (zip FY 2024) clear debt service on a $1,723,953 property?
  • If yes: The Fair Market Rent (FMR) of $3430 is sufficient to cover the debt service on a property valued at $1,723,953. This makes ZIP 91604 financially viable for Section 8 investments.
  • If no: The FMR does not sufficiently cover the debt service on a property valued at $1,723,953. This would make ZIP 91604 a risky investment for Section 8 purposes.
• Is market rent $3,201 (ZORI) above, at, or below FMR?
  • If above: The Zillow Observed Rental Index (ZORI) of $3,201 is below the FMR of $3430. This indicates that market rents are lower than what Section 8 tenants can pay, making it a good opportunity to attract Section 8 tenants without losing out on higher market rents.
  • If at: The ZORI of $3,201 matches closely with the FMR. Landlords will likely find that Section 8 rents align well with market rates, providing stable income but little room for premium pricing.
  • If below: The ZORI of $3,201 is significantly below the FMR. This suggests that market rents are lower than Section 8 rents, potentially leading to an oversupply of units if many landlords convert to Section 8, which could reduce demand for market-rate rentals.
• Are 54.9% renters + 43-day DOM enough demand?
  • If yes: With 54.9% of residents being renters and a Days on Market (DOM) of 43 days, there is strong demand for rental properties in ZIP 91604. This combination supports a healthy market for both Section 8 and regular rental units.
  • If no: The demand is not high enough. A DOM of 43 days suggests moderate demand, but if other factors like vacancy rates or economic indicators are unfavorable, it might not support a robust Section 8 portfolio.
  • If it depends: The 54.9% rental rate is substantial, indicating a significant portion of the population relies on rentals. However, the DOM of 43 days is average and does not clearly indicate high or low demand. Additional analysis of local job markets, population growth, and housing stock is needed to determine if there's enough demand for Section 8 properties.

In summary, ZIP 91604 presents a mixed picture for Section 8 investments. The FMR covers debt service, market rents are slightly below FMR, and there is a reasonable level of demand. However, final decisions should be based on further local market research.

Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).

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.