Section 8 Fair Market Rent (FMR) for ZIP 91764 - 2027

Investment Score for ZIP 91764

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	$1,990
1 Bedroom	$2,120
2 Bedrooms	$2,610
3 Bedrooms	$3,440
4 Bedrooms	$4,140
5 Bedrooms	$4,802
6 Bedrooms	$5,378
7 Bedrooms	$5,808
8 Bedrooms	$6,098

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
1BR	$2,120	$473,495	0.45%	F
2BR	$2,610	$543,136	0.48%	F
3BR	$3,440	$631,890	0.54%	F
4BR	$4,140	$680,781	0.61%	D
5BR	$4,802	$748,154	0.64%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 91764 (Ontario, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 91764 in Ontario, CA, is set by HUD for 2026. The FMRs for various bedroom types are as follows: - 0BR: $2140 - 1BR: $2240 - 2BR: $2780 - 3BR: $3680 - 4BR: $4440 Comparing these figures to actual rents, we see that the Zillow median price for a 2BR unit is $549,983. This translates into a price-to-FMR ratio of 16.5x, indicating that the actual rental prices are significantly higher than the FMR. For instance, a 2BR unit priced at $2780 per month would be considered affordable under the FMR guidelines, but the median home value suggests that typical market rents could be much higher. This creates significant constraints for voucher holders. A voucher holder with a 2BR unit would have a rent ceiling of $2780, which is only 40.8% of the median household income ($81,762). This means that even if they were able to find a property within the FMR range, they would still need to pay a substantial portion of their income towards rent. Given the high median home values, finding properties within the FMR range is likely challenging. #### Affordability & Renter Profile ZIP code 91764 has a population of 56,270, with 54.9% of residents being renters. This indicates a strong rental market, with a significant portion of the population relying on rental housing. The occupancy rate stands at 95.0%, suggesting that the market is quite tight, with few vacant units available. Given that 40.8% of the median household income is required to cover the rent for a 2BR unit, it is clear that affordability is a major concern for many renters. The high rent-to-income ratio implies that the market is competitive, with many potential tenants vying for limited affordable units. This tight market dynamic makes it difficult for low-income households to secure housing without assistance. #### Investor Angle From an investor perspective, the key question is whether the ZIP code offers cash-flow positive opportunities at the FMR rates. With the FMR for a 2BR unit at $2780, and considering the high median home value of $549,983, it is unlikely that investors can achieve positive cash flow without significant leverage or subsidies. To determine the investment grade, we must consider the likelihood of finding tenants who can afford the rent within the FMR range. Given the high median home value and the tight market conditions, it is probable that most rental units will command prices well above the FMR. Thus, the investment grade for Section 8-focused properties in this ZIP code is relatively low due to the difficulty in securing tenants willing to pay the higher market rates while staying within the FMR limits. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Since the FMR for smaller units (0BR and 1BR) is lower, investors might find better success with these unit sizes. The FMR for a 0BR unit is $2140, which is more aligned with the income levels of potential voucher holders. Similarly, a 1BR unit at $2240 might also be more feasible. 2. **Consider Subsidized Housing Programs**: Given the tight market and high prices, investors should explore additional subsidized housing programs beyond just Section 8 vouchers. Programs like Low-Income Housing Tax Credits (LIHTC) or other federal and state subsidies could help bridge the gap between market rents and FMRs. 3. **Target Affordable Neighborhoods Within the ZIP Code**: While the overall ZIP code is expensive, there may be pockets within the area where rents are closer to the FMR. Investors should conduct detailed neighborhood-level analyses to identify areas where rents are more affordable. #### Bottom Line Based on the analysis, the recommendation for Section 8-focused investors in ZIP code 91764 is to **skip** this market. The high median home values and tight rental market make it difficult to find properties that are both affordable and within the FMR range. Additionally, the high rent-to-income ratio suggests that even with vouchers, tenants may struggle to afford the rent, leading to potential vacancy issues. Investors looking to focus on Section 8 properties should consider markets with lower median home values and more relaxed rental market dynamics.

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.