Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
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 | $2,230 |
| 1 Bedroom | $2,370 |
| 2 Bedrooms | $2,870 |
| 3 Bedrooms | $3,810 |
| 4 Bedrooms | $4,600 |
| 5 Bedrooms | $5,336 |
| 6 Bedrooms | $5,976 |
| 7 Bedrooms | $6,454 |
| 8 Bedrooms | $6,777 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,370 | $360,666 | 0.66% | D |
| 2BR | $2,870 | $580,824 | 0.49% | F |
| 3BR | $3,810 | $1,029,626 | 0.37% | F |
| 4BR | $4,600 | $1,189,090 | 0.39% | F |
| 5BR | $5,336 | $1,397,969 | 0.38% | F |
U.S. Census Bureau data (2024)
ZIP 91902, located in Bonita, CA, within the San Diego-Chula Vista-Carlsbad, CA MSA, serves as an ideal cash-flow anchor for a Section 8 portfolio strategy. The Family Monthly Rent (FMR) for ZIP 91902 in fiscal year 2024 is set at $3080, which is significantly higher than the market rent of $2,735. This creates a positive spread of $345 per month, ensuring that landlords can generate consistent and reliable cash flow above typical market rates.
The median home value in ZIP 91902 stands at $1,148,687, indicating a robust housing market where property values are unlikely to depreciate substantially. However, the focus here is on rental properties, where the Section 8 program provides a guaranteed income stream that outpaces local market rents. This makes it a strong choice for landlords seeking stable returns.
Bonita's low price-cut share of 0.2% and non-applicable day DOM (Days on Market) suggest that the rental market is competitive and properties do not typically stay vacant for long periods. This further supports the notion that 91902 is a reliable cash-flow anchor rather than an appreciation play. Appreciation plays often require patience and a willingness to accept lower initial rental yields in exchange for potential capital gains, but in 91902, the immediate financial benefits are clear.
The ZIP code also has a 23.9% renter share and a median income of $122,524, which are factors that contribute to a stable tenant base. High median incomes reduce the risk of default, making it easier for landlords to maintain occupancy and collect rent payments consistently.
In summary, ZIP 91902 should be considered a cash-flow anchor within a Section 8 portfolio strategy due to the favorable rent spreads and the economic stability of the area. Landlords can expect to receive $3080 per month, which is $345 more than the average market rent, thus securing a steady income that exceeds local market conditions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.