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 | $2,010 |
| 1 Bedroom | $2,140 |
| 2 Bedrooms | $2,590 |
| 3 Bedrooms | $3,430 |
| 4 Bedrooms | $4,150 |
| 5 Bedrooms | $4,814 |
| 6 Bedrooms | $5,392 |
| 7 Bedrooms | $5,823 |
| 8 Bedrooms | $6,114 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,140 | $447,842 | 0.48% | F |
| 2BR | $2,590 | $718,949 | 0.36% | F |
| 3BR | $3,430 | $858,523 | 0.4% | F |
| 4BR | $4,150 | $954,425 | 0.43% | F |
| 5BR | $4,814 | $1,083,915 | 0.44% | F |
U.S. Census Bureau data (2024)
ZIP code 91932, located in Imperial Beach, CA, is part of the larger San Diego-Chula Vista-Carlsbad, CA MSA metro area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $2,500, while the market rent stands at $2,852 per month. The median home value in this ZIP is $842,101. Additionally, 68.7% of residents in this area are renters.
To contextualize these figures, it's important to understand how they compare to typical ZIP codes within the San Diego-Chula Vista-Carlsbad, CA MSA. Generally, the FMR for the entire MSA is higher than $2,500, reflecting the overall cost of living in San Diego. The market rent of $2,852 is slightly above the average for the region, indicating that rental properties in Imperial Beach command a price premium.
The median home value of $842,101 is notably lower than the average home value in the broader San Diego MSA, which typically exceeds $850,000. This suggests that ZIP 91932 could be considered a value pocket within the metro area, offering homeownership opportunities at a lower price point compared to other parts of San Diego.
The high renter share of 68.7% is another key indicator. In many ZIP codes within the San Diego MSA, the renter share is significantly lower, often around 50% or less. This high percentage of renters, combined with below-average home values, points to a strong presence of rental housing. For landlords and small-portfolio investors, this makes ZIP 91932 an attractive location, as it aligns well with the principles of a Section 8 sweet spot. Such areas typically have a high demand for affordable rental housing, making them ideal for investment in subsidized housing programs.
In summary, ZIP 91932 is positioned as a value pocket within the San Diego-Chula Vista-Carlsbad, CA MSA. It offers below-average home values and above-average rental prices, along with a high renter share. These factors make it particularly appealing for those interested in Section 8 investments, as it provides a balance between affordability and market demand.
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.