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 92038 is located in La Jolla, California, a neighborhood known for its affluent lifestyle and scenic coastal views. With a population of 22,038, La Jolla has a median household income of $57,038 and a median home value of $203,967. The area boasts a significant percentage of renters, though specific figures are not available.
From a rental perspective, the Fair Market Rent (FMR) for ZIP 92038 in fiscal year 2024 is set at $2,830. This figure represents the benchmark for affordable housing subsidies under the Section 8 program. However, the exact market rent is not specified, which suggests that it may be higher given the affluent nature of the neighborhood and its desirable amenities.
La Jolla's characteristics make it suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of a substantial number of renters and the high FMR indicate a steady demand for subsidized housing. Meanwhile, for hands-on investors, the potential to capitalize on the area's premium location and improve property values through renovations or strategic management is evident.
To conclude, ZIP 92038 in La Jolla offers a mix of opportunities for Section 8 investors. The combination of an affluent population, high median incomes, and desirable living conditions supports a robust rental market. Investors can choose between passive income generation through voucher programs or active property management aimed at increasing asset value.
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.