Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,180 |
| 1 Bedroom | $2,320 |
| 2 Bedrooms | $2,810 |
| 3 Bedrooms | $3,720 |
| 4 Bedrooms | $4,500 |
| 5 Bedrooms | $5,220 |
| 6 Bedrooms | $5,846 |
| 7 Bedrooms | $6,314 |
| 8 Bedrooms | $6,630 |
U.S. Census Bureau data (2024)
Investors often question whether the Fair Market Rent (FMR) of $3,160 for ZIP code 91948 can sufficiently cover the mortgage on a property. The median home value in 91948 is $273,400, which is lower than the national average but still significant. To determine if the FMR can cover the mortgage, one must consider the interest rate and loan terms. Assuming a standard 30-year fixed-rate mortgage at an average rate of 5%, a $273,400 home would have a monthly mortgage payment of approximately $1,460. Clearly, the FMR of $3,160 exceeds this amount, leaving room for maintenance, taxes, and profit.
The skepticism around renter demand at 16.4% of the population is valid. However, the data indicates that this percentage represents a significant portion of potential renters. With a total population of roughly 1,000 residents, this translates to nearly 164 individuals actively seeking rental housing. Given the rural setting of Mount Laguna, CA, it's reasonable to expect that these renters will be highly motivated to secure housing in this desirable area, ensuring a steady stream of demand.
The concern over whether housing vouchers will keep pace with the local market rents is a prudent consideration. Unfortunately, the data does not provide specific information regarding voucher amounts in ZIP 91948. However, it's important to note that voucher programs are typically adjusted annually based on the local cost of living and housing market conditions. Therefore, while we cannot definitively state the exact voucher levels, they are likely to be reflective of the local market needs, helping to subsidize rents for eligible tenants.
Data Sources: FMR data from HUD (2027). 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.