Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,190 |
| 1 Bedroom | $2,330 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,740 |
| 4 Bedrooms | $4,520 |
| 5 Bedrooms | $5,243 |
| 6 Bedrooms | $5,872 |
| 7 Bedrooms | $6,342 |
| 8 Bedrooms | $6,659 |
The ZIP code 91921 in San Diego-Chula Vista-Carlsbad County, California, presents a unique opportunity for Section 8 investors. The HUD Fair Market Rent (FMR) for the area, as of fiscal year 2024, is set at $2830 per month. This figure represents the maximum amount landlords can charge for a unit to be considered affordable under the Section 8 program.
However, the market rent for the area is currently unavailable. This lack of data makes it challenging to directly compare the HUD FMR against what tenants might typically pay in the open market. Without this comparison, it's difficult to determine whether voucher tenants in this area will cashflow at the FMR rate, marginally exceed it, or only achieve positive cash flow with premium units.
The median home value for ZIP 91921 is also not available, which means deriving an accurate rent-to-price ratio is impossible. This metric would normally help investors understand how rents compare to property values, indicating potential areas of undervaluation or overvaluation. In the absence of this data, making informed decisions about the relative value of rental properties versus owner-occupied homes becomes more speculative.
Additionally, the days on market (DOM) and the percentage of homes that experience price cuts before selling are both unknown. These figures would typically provide insight into the local housing market's health and the balance between renting and buying. For instance, a high DOM or significant price cut percentage could suggest a buyer's market, potentially affecting the demand for rental properties.
In summary, while the HUD FMR provides a clear guideline for setting rental prices for Section 8 units, the lack of market rent data means that the cashflow potential for voucher tenants remains uncertain. The strong investor angle in this ZIP code appears to be stability, given the established HUD guidelines, though appreciation and cashflow opportunities cannot be ruled out without further market analysis.
Data Sources: FMR data from HUD (2027).
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.