Section 8 Fair Market Rent (FMR) for ZIP 92064 - 2027

Investment Score for ZIP 92064

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	$2,310
1 Bedroom	$2,460
2 Bedrooms	$2,970
3 Bedrooms	$3,940
4 Bedrooms	$4,760
5 Bedrooms	$5,522
6 Bedrooms	$6,185
7 Bedrooms	$6,680
8 Bedrooms	$7,014

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,970	$715,030	0.42%	F
3BR	$3,940	$1,009,313	0.39%	F
4BR	$4,760	$1,365,305	0.35%	F
5BR	$5,522	$1,999,947	0.28%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92064 (Poway, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92064 is set by HUD for the year 2026. The FMRs for different unit types are as follows: - 0 Bedroom: $2390 - 1 Bedroom: $2560 - 2 Bedrooms: $3130 (which represents 25.3% of the median household income) - 3 Bedrooms: $4170 - 4 Bedrooms: $5050 These figures represent the maximum amount that a Section 8 voucher holder can pay for rent in each unit type. However, the actual rents in the area are significantly higher. For instance, the Zillow median price for a 2-bedroom unit is $722,340, which translates into a rental cost much higher than the FMR. Given the high median home value, the price-to-FMR ratio for a 2-bedroom unit is 19.2x, indicating that the actual rental costs far exceed the FMR. This means that voucher holders face significant constraints in finding affordable housing. They would need to find units that are priced below or at the FMR, which is challenging given the local market dynamics. Additionally, landlords may be hesitant to accept vouchers due to the low rental rates compared to the market value of properties. #### Affordability & Renter Profile ZIP code 92064 has a population of 48,683, with 24.8% of residents being renters. This indicates a relatively small rental market compared to the overall population. The occupancy rate stands at 97.0%, suggesting that the rental market is quite tight, with limited availability of units. Given the median household income of $148,673, it is clear that the majority of residents are well above the poverty line and likely have the financial means to afford higher rents. However, for those who rely on Section 8 vouchers, the affordability gap is stark. A 2-bedroom unit priced at $3130 per month is only 25.3% of the median income, making it difficult for voucher holders to find suitable housing without assistance. The tight market conditions mean that there is little room for oversupply, and any new rental units entering the market will likely be quickly absorbed by the demand. This further complicates the situation for voucher holders, who may struggle to find landlords willing to accept their vouchers at such low rates. #### Investor Angle From an investor perspective, the ZIP code 92064 presents both opportunities and challenges. The high median home values indicate a strong real estate market, but the price-to-FMR ratio suggests that rental properties priced at FMR levels may not generate sufficient cash flow to cover expenses and provide a reasonable return on investment. To determine if the ZIP is cash-flow positive at FMR, we must consider the typical operating costs of a rental property. These costs include mortgage payments, property taxes, insurance, maintenance, and other expenses. Given the median home value of $722,340 for a 2-bedroom unit, even if the property were rented out at the FMR of $3130, the cash flow would likely be negative unless the property was purchased at a significantly lower price or had very low operating costs. Investment grade in this context refers to the risk level associated with investing in rental properties in this ZIP code. Given the high price-to-FMR ratio and the tight rental market, the investment grade would be considered low. Investors should carefully evaluate the potential for long-term appreciation and the ability to attract tenants willing to accept Section 8 vouchers. #### Specific Actionable Insights 1. **Target Lower-Rent Properties**: Investors should focus on acquiring properties that are priced closer to the FMR levels. For example, a 2-bedroom unit priced at $3130 per month would be more attractive to voucher holders and could potentially generate positive cash flow if the purchase price and operating costs are managed effectively. 2. **Consider Multi-Family Units**: Since the FMR for larger units (such as 3BR and 4BR) is higher, multi-family units might offer better cash flow potential. A 3-bedroom unit at $4170 or a 4-bedroom unit at $5050 would be more aligned with the local rental market, providing a better chance for positive cash flow. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can help landlords navigate the complexities of accepting Section 8 vouchers. This includes understanding the process, timelines, and requirements for voucher acceptance, which can make the difference between a successful and unsuccessful investment. #### Bottom Line For investors focusing specifically on Section 8 vouchers, the ZIP code 92064 (Poway, CA) presents a challenging environment. The high price-to-FMR ratio and tight rental market make it difficult to achieve positive cash flow while adhering to FMR guidelines. Therefore, the recommendation for Section 8-focused investors is to **Skip** this ZIP code unless they can acquire properties at significantly discounted prices or manage to keep operating costs extremely low. In summary, while Poway offers a robust real estate market, the constraints imposed by the FMR and the local rental prices make it less favorable for Section 8 investments.

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.