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 | $2,260 |
| 1 Bedroom | $2,530 |
| 2 Bedrooms | $3,120 |
| 3 Bedrooms | $3,960 |
| 4 Bedrooms | $4,430 |
| 5 Bedrooms | $5,139 |
| 6 Bedrooms | $5,756 |
| 7 Bedrooms | $6,216 |
| 8 Bedrooms | $6,527 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,120 | $631,641 | 0.49% | F |
| 3BR | $3,960 | $750,568 | 0.53% | F |
| 4BR | $4,430 | $790,738 | 0.56% | F |
| 5BR | $5,139 | $876,488 | 0.59% | F |
U.S. Census Bureau data (2024)
The classification of ZIP 91722 (Covina, CA) on the axes of yield and stability reveals a market that offers a balance between potential returns and tenant reliability.
On the yield axis, the Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,670. This figure represents the average rent a landlord can expect to receive for a unit in this area under the Section 8 program. In comparison, the market rent stands at $2,928, indicating that landlords participating in Section 8 might see slightly lower rents than the broader market. However, the median home value of $764,485 suggests that property costs are relatively high, which could impact the overall yield when considering mortgage payments and other expenses.
Regarding stability, ZIP 91722 has a rental population comprising 29.5% of all residents. While this percentage is significant, it does not necessarily indicate instability; rather, it reflects a portion of the housing market that relies on rentals. The lack of available data on days on market (DOM) makes it challenging to assess how quickly properties are rented out, but the median household income of $102,062 suggests that tenants in this area have a higher likelihood of maintaining stable employment and meeting their rental obligations.
Based on these figures, ZIP 91722 is not a high-yield/low-stability market suitable for quick flips. Instead, it leans towards being a steady-cashflow zone where landlords can expect reliable tenants and consistent rental income, albeit with yields slightly below the market average due to the Section 8 FMR. The higher median home value also implies that investment properties here will likely come with higher acquisition and maintenance costs, further supporting the notion of a stable but moderate yield environment.
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.