Section 8 Fair Market Rent (FMR) for ZIP 92019 - 2027

Investment Score for ZIP 92019

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	$2,200
1 Bedroom	$2,350
2 Bedrooms	$2,840
3 Bedrooms	$3,770
4 Bedrooms	$4,550
5 Bedrooms	$5,278
6 Bedrooms	$5,911
7 Bedrooms	$6,384
8 Bedrooms	$6,703

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	$2,350	$378,687	0.62%	D
2BR	$2,840	$515,369	0.55%	F
3BR	$3,770	$804,209	0.47%	F
4BR	$4,550	$1,097,388	0.41%	F
5BR	$5,278	$1,391,814	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92019 (El Cajon, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92019 in El Cajon, CA, as of 2026, is set at $3050 for a two-bedroom unit. This represents 35.9% of the median household income of $101,973. However, the actual rental market price for a two-bedroom unit is significantly higher, with Zillow reporting a median price of $528,662. The price-to-FMR ratio is 14.4x, indicating that the actual market rent is far above the FMR. This high ratio means that tenants using Section 8 vouchers will face significant challenges in finding units that are both affordable and within the FMR limits. For instance, a tenant with a voucher for a two-bedroom unit would have to find a landlord willing to accept $3050 per month, which is only about 5.8% of the median market value. This suggests that there are likely very few properties available that meet the FMR criteria, leading to a constrained market for voucher holders. #### Affordability & Renter Profile ZIP code 92019 has a population of 45,351, with 33.6% of residents being renters. The occupancy rate is quite high at 95.6%, indicating that the rental market is tight and there is little vacancy. Given the median household income of $101,973, the average renter in this area would be able to afford a two-bedroom unit at the FMR of $3050, but the actual market rent of $528,662 is far beyond what most renters could reasonably pay. The high occupancy rate and the relatively low percentage of renters suggest that the demand for rental units is strong, but the supply is limited. This makes it a challenging environment for those relying on Section 8 vouchers, who might struggle to find suitable housing options within their budget. The tight market conditions also imply that landlords have considerable leverage in setting rental prices, which can further exacerbate affordability issues for low-income renters. #### Investor Angle From an investor perspective, the ZIP code 92019 presents mixed opportunities. While the median market value for a two-bedroom unit is $528,662, the FMR is only $3050. This means that an investor looking to purchase a property and rent it out under the Section 8 program would need to consider whether they can achieve positive cash flow at these rates. Given the high market value, the initial capital investment required to enter this market is substantial. However, the rental income generated by the FMR is relatively low compared to the market rent. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical operating expenses, such as mortgage payments, property taxes, insurance, maintenance, and utilities. Assuming a 20-year fixed-rate mortgage at a 4.5% interest rate, the monthly mortgage payment on a $528,662 property would be approximately $3,100. Adding in other typical operating expenses, such as property taxes (about 1% of the property value), insurance (around $100/month), and maintenance (approximately $100/month), the total monthly expenses could easily exceed the FMR of $3050. Therefore, it is unlikely that an investor would achieve positive cash flow solely based on the FMR. In terms of investment grade, ZIP code 92019 appears to be a moderate risk. The strong demand for rental units and the high occupancy rate are positive indicators. However, the limited number of units that fall within the FMR range and the potential for negative cash flow make it a less attractive option for investors focusing exclusively on Section 8 properties. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Since the FMR for smaller units (like 0BR and 1BR) is lower, investors might want to focus on acquiring and renting out smaller units. For example, a one-bedroom unit with an FMR of $2500 might be more financially viable, especially if the property value is lower than the median for two-bedroom units. 2. **Consider Alternative Rental Programs**: Given the high price-to-FMR ratio, investors might explore alternative rental assistance programs that offer higher subsidies. This could help bridge the gap between the FMR and the actual market rent, making the investment more financially feasible. #### Bottom Line For investors focused specifically on Section 8 properties, ZIP code 92019 is a challenging market due to the high price-to-FMR ratio and the limited availability of units within the FMR range. The recommendation would be to **skip** this ZIP code unless you can identify specific opportunities where the property values are significantly below the median market value or where alternative rental assistance programs can provide higher subsidies. If you decide to invest in this area, it would be advisable to focus on smaller units or consider properties outside the typical two-bedroom category to maximize the chances of achieving positive cash flow.

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.