Section 8 Fair Market Rent (FMR) for ZIP 91724 - 2027

Location: Los Angeles-Long Beach-Glendale, CA | Metro: Los Angeles-Long Beach-Glendale, CA HUD Metro FMR Area

Investment Score for ZIP 91724

Monthly Rent (2BR)

$3,260

Median Price (2BR)

$522,971

1% Rule

0.62%

Annual Yield

7.48%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,370
1 Bedroom	$2,640
2 Bedrooms	$3,260
3 Bedrooms	$4,140
4 Bedrooms	$4,630
5 Bedrooms	$5,371
6 Bedrooms	$6,016
7 Bedrooms	$6,497
8 Bedrooms	$6,822

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$3,260	$522,971	0.62%	D
3BR	$4,140	$836,410	0.49%	F
4BR	$4,630	$951,888	0.49%	F
5BR	$5,371	$1,331,530	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,352

Median Household Income

$103,163

Housing Units

9,472

Renter Percentage

33.2%

Occupancy Rate

96.3%

Renter Occupied

3,032

The economics of Section 8 housing in ZIP code 91724, Covina, CA, within Los Angeles County, are crucial for landlords and small-portfolio investors to understand. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $2860. This figure represents the maximum amount that the housing authority will pay for a unit in this specific ZIP code. However, it's important to note that the local market rent, as measured by ZORI (Zillow Observed Rent Index), stands at $2,674.

A Section 8 voucher does not cover the entire rent; instead, it reimburses a portion based on the SAFMR. Here’s how it works:

Tenant Portion: Tenants are required to contribute 30% of their adjusted income towards rent. If a tenant's monthly income is $2,000, they would pay $600.
Housing Authority Reimbursement: The housing authority will pay the difference between the tenant's contribution and the SAFMR. In this case, if the tenant contributes $600, the housing authority would pay up to $2,260 ($2,860 - $600).
Utility Allowances: Additional utility allowances are provided, but these do not affect the rent directly. They are meant to help cover utilities and are paid separately by the housing authority.

In ZIP 91724, landlords can expect a reimbursement gap or surplus when comparing the SAFMR to the local market rent. Given the SAFMR of $2860 and the ZORI of $2,674, landlords could potentially see a surplus of $186 per month if they charge the SAFMR rate. Conversely, if they choose to charge closer to the market rate, they might face a reimbursement gap, where the housing authority pays less than the actual rent charged.

To summarize, the typical reimbursement for a two-bedroom unit under a Section 8 voucher in ZIP 91724 is $2,860 minus the tenant's 30% contribution. Landlords should be aware of the local market conditions and the SAFMR to make informed decisions about their rental pricing strategies.

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.