Section 8 Fair Market Rent (FMR) for ZIP 92091 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 92091

• San Diego Housing Commission (San Diego, CA) - 16,368 Section 8 vouchers
• Housing Authority of the County of San Diego (San Diego, CA) - 12,507 Section 8 vouchers
• City of Oceanside Community Development Comm (Oceanside, CA) - 1,600 Section 8 vouchers
• CDC of National City (National City, CA) - 1,131 Section 8 vouchers
• Carlsbad Housing & Homeless Services (Carlsbad, CA) - 756 Section 8 vouchers
• Housing Authority of the City of Encinitas (Encinitas, CA) - 141 Section 8 vouchers

Rancho Santa Fe, CA, represented by ZIP code 92091, presents an interesting case study for Section 8 real-estate analysts. Let's address some common concerns that skeptical investors might have.

• Will FMR $4250 (zip FY 2024) cover the mortgage on a $3,265,504 home? The Fair Market Rent (FMR) for ZIP 92091 in fiscal year 2024 is set at $4250. This amount is unlikely to cover the mortgage payments on a home priced at $3,265,504. For context, a typical mortgage payment for a property of this value could easily exceed $15,000 per month, considering average interest rates and loan terms. Thus, relying solely on the FMR would not be sufficient to meet the financial obligations of such a high-priced property.
• Is there enough renter demand at 31.8%? The rental demand in ZIP 92091 stands at 31.8%, which is relatively low compared to many other areas. However, it's important to consider the nature of the area. Rancho Santa Fe is known for its affluent community and large, single-family homes. The low percentage of renters does not necessarily indicate a lack of demand but rather reflects the demographic preference for homeownership. Nonetheless, this means that finding tenants for Section 8 properties might be more challenging. Investors should focus on properties that align with the preferences of potential renters in the area, such as smaller, more affordable homes or apartments.
• Will vouchers keep pace with $3,501 market rents? Vouchers are designed to help low-income families afford housing, but they are often capped at a certain percentage of the area median income. In ZIP 92091, where the market rent is $3,501, it's critical to note that voucher amounts may not always match the full cost of market rents, especially in high-cost areas. While the exact voucher amount isn't specified in the data, it's safe to assume that it will be less than the full market rent. Therefore, landlords should be prepared to accept a lower rent payment from voucher holders, potentially making up the difference through other sources of income or by optimizing their property management costs.

The data clearly shows that while there are challenges in using Section 8 vouchers in ZIP 92091, particularly due to the high cost of living and property values, there are still opportunities for strategic investment. By focusing on properties that are within the likely voucher range and understanding the local rental dynamics, investors can make informed decisions.

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.