Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,050 |
| 1 Bedroom | $2,290 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,580 |
| 4 Bedrooms | $4,000 |
| 5 Bedrooms | $4,640 |
| 6 Bedrooms | $5,197 |
| 7 Bedrooms | $5,613 |
| 8 Bedrooms | $5,894 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,290 | $430,499 | 0.53% | F |
| 2BR | $2,820 | $559,358 | 0.5% | F |
| 3BR | $3,580 | $702,225 | 0.51% | F |
| 4BR | $4,000 | $791,901 | 0.51% | F |
| 5BR | $4,640 | $1,101,319 | 0.42% | F |
U.S. Census Bureau data (2024)
Azusa 91702 sits in the eastern San Gabriel Valley, offering a mix of hillside neighborhoods and the historic downtown district along Route 66. The area is largely defined by the presence of Azusa Pacific University, a major employer and cultural anchor that adds a steady stream of faculty, staff, and student renters to the local market. Recent development efforts in the downtown corridor have aimed to boost walkability and retail options, maintaining the city’s appeal as a more affordable alternative to pricier neighbors like Glendora or San Dimas while still providing access to the Foothill (210) Freeway.
From a cash-flow perspective, the math reveals a difficult gap for voucher holders. The HUD FY2026 Fair Market Rent for a 2-bedroom unit is $2,450, whereas current Zillow market rents sit at $2,863. This creates a substantial shortfall of $413 per month if you strictly cap rents at the FMR standard. Additionally, the median home value in the area is $715,431, with properties sitting on the market for a median of 64 days. While sales data shows the median 2BR price at $565,981, the lag between market rate income and HUD payments means standard Section 8 leases do not naturally cash-flow here without significant rent reasonableness justifications.
The tenant pool is bolstered by a solid economic base, with the median household income reaching $92,683. This relatively high income, combined with a 40.7% renter share, suggests strong demand from working-class professionals who may not yet be ready to buy at current price points. Families are drawn to the Azusa Unified School District and proximity to the San Gabriel Mountains for recreation. However, given the income levels, many local renters can afford market rates, reducing the reliance on voucher subsidies and making it a landlord’s market where you can command top dollar without program constraints.
Based on the data, the strongest investor angle in 91702 is appreciation and stability rather than immediate Section 8 cash flow. The high median home values and income levels indicate a community where property equity is likely to grow, but the $413 gap between FMR and market rent makes the voucher program a secondary option. Investors should target market-rate tenants to maximize the $2,863 potential income, reserving Section 8 only for longer-term holds where stability outweighs the immediate monthly loss.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.