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 | $1,940 |
| 1 Bedroom | $2,160 |
| 2 Bedrooms | $2,670 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $3,790 |
| 5 Bedrooms | $4,396 |
| 6 Bedrooms | $4,924 |
| 7 Bedrooms | $5,318 |
| 8 Bedrooms | $5,584 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,670 | $638,995 | 0.42% | F |
| 3BR | $3,390 | $801,477 | 0.42% | F |
| 4BR | $3,790 | $848,471 | 0.45% | F |
| 5BR | $4,396 | $983,482 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 91723, located in Covina, CA, presents a dynamic rental market. The Fair Market Rent (FMR) for the area is set at $2,390 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) indicates a slightly lower average market rent of $2,144. This suggests that the actual rents paid by tenants are below the government's benchmark, potentially indicating a market where supply slightly exceeds demand. However, the exact percentage of price-cut share and days on market (DOM) being noted as N/A means we cannot conclusively state the balance between supply and demand without further data.
The median home value in Covina is $806,632. Given this figure, it's evident that homeownership comes with a significant financial commitment. With a renter share of 56.1%, it's clear that the majority of residents in this area prefer renting over owning. This high percentage of renters can be indicative of long-term housing pressure, as it suggests that many individuals find purchasing a home financially unfeasible or less attractive than renting.
The dynamics of the market in Covina are influenced by these factors. Landlords and small-portfolio investors should note that the rental market is active, but the slight gap between FMR and ZORI suggests some flexibility in pricing. The high median home value and renter share imply that there is a substantial segment of the population who will continue to seek rental properties, making this an attractive area for those looking to invest in the rental sector.
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.