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 |
ZIP code 92023 is situated within the San Diego-Chula Vista-Carlsbad, CA Metropolitan Statistical Area (MSA). The Fair Market Rent (FMR) for ZIP 92023 in fiscal year 2024 is set at $2830. This figure serves as an important benchmark for understanding rental affordability in the area, particularly for programs such as Section 8.
To contextualize 92023's FMR within the broader San Diego-Chula Vista-Carlsbad MSA, it's useful to compare it with typical ZIP codes in the region. While specific market rent and home value data for 92023 are not available, the FMR of $2830 suggests that it falls below the average market rents seen across much of the MSA, which tend to be higher due to the overall demand and cost of living in San Diego.
The lack of data on market rent and home values for ZIP 92023 indicates that there might be limited private market activity or less comprehensive data collection in this particular area. However, the FMR figure can still provide insight into the relative affordability of housing units in 92023 compared to other parts of the MSA.
Given the FMR of $2830, ZIP 92023 appears to be a value pocket within the San Diego-Chula Vista-Carlsbad MSA. Value pockets are areas where housing costs are relatively lower than the surrounding regions, making them attractive for tenants seeking affordable housing options. This lower FMR could indicate that landlords in 92023 might benefit from participating in government-assisted housing programs, as the rents they can charge through such programs are set at levels that are more accessible to low-income households.
The absence of data on the percentage of renter share means we cannot definitively state if 92023 has a high concentration of renters who rely on assistance like Section 8. However, the lower FMR alone suggests that it could be a sweet spot for landlords interested in serving a tenant base that requires rental subsidies. Such areas often attract a mix of low-income families and individuals who qualify for federal housing assistance, creating a steady demand for affordable rental properties.
In summary, while specific market data is lacking, the FMR of $2830 for ZIP 92023 positions it as a value pocket within the San Diego-Chula Vista-Carlsbad MSA. Landlords in this area should consider the potential benefits of participating in affordable housing programs to capitalize on the demand for lower-cost rental units.
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.