Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,790 |
| 1 Bedroom | $3,120 |
| 2 Bedrooms | $3,850 |
| 3 Bedrooms | $4,880 |
| 4 Bedrooms | $5,460 |
| 5 Bedrooms | $6,334 |
| 6 Bedrooms | $7,094 |
| 7 Bedrooms | $7,662 |
| 8 Bedrooms | $8,045 |
U.S. Census Bureau data (2024)
The ZIP code 91608 presents a dynamic rental market, particularly for those involved in Section 8 housing. The Fair Market Rent (FMR) for the area stands at $3270 for fiscal year 2024, indicating a high threshold for rental properties to qualify under the Section 8 program. Despite the lack of specific data on market rent, days on market (DOM), and price-cut share, the FMR alone suggests a market where demand is likely strong, given that it is set at levels to reflect the rental market conditions.
The 100.0% renter share in ZIP 91608 points to a significant long-term housing pressure, as it implies an absence of homeownership in the area. This could be due to various factors including affordability, population demographics, or the overall economic environment. Such a high renter share typically means that any fluctuations in rental rates can have a substantial impact on the community, especially on low-income households who rely on programs like Section 8 for housing assistance.
In markets with a high percentage of renters, landlords and small-portfolio investors must be vigilant about maintaining competitive rents while adhering to the FMR guidelines. Although the median home value is not available, the absence of homeownership signals a reliance on rental housing, which can drive up demand for rental units that meet or exceed the FMR standards.
The dynamics of ZIP 91608 suggest a market where demand for affordable rental housing is robust. Landlords should focus on providing quality rental units that meet the needs of Section 8 participants to ensure steady occupancy. Given the FMR figure, there is likely a segment of the market that is just meeting the criteria, which could mean that any increase in maintenance costs or property taxes would need to be carefully managed to avoid falling out of the eligibility range.
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.