Section 8 Fair Market Rent (FMR) for ZIP 92113 - 2027

Investment Score for ZIP 92113

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	$1,740
1 Bedroom	$1,850
2 Bedrooms	$2,240
3 Bedrooms	$2,970
4 Bedrooms	$3,590
5 Bedrooms	$4,164
6 Bedrooms	$4,664
7 Bedrooms	$5,037
8 Bedrooms	$5,289

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
1BR	$1,850	$544,795	0.34%	F
2BR	$2,240	$594,010	0.38%	F
3BR	$2,970	$676,686	0.44%	F
4BR	$3,590	$744,980	0.48%	F
5BR	$4,164	$834,860	0.5%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92113 (San Diego, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92113 in San Diego, CA, as of 2026, is set at $2,420 for a two-bedroom unit. This amount represents 47.0% of the median household income in the area, which stands at $61,819. However, the actual rent for a two-bedroom unit in this ZIP code is significantly higher, with a Zillow median price of $585,398. The price-to-FMR ratio is 20.2x, indicating that the actual rent far exceeds the FMR. For instance, a two-bedroom unit priced at $585,398 would have a monthly mortgage payment of approximately $2,900, assuming a 30-year fixed-rate mortgage at 4.5% interest. This means that even if a property owner were to rent out their unit at the Zillow median price, they would still be above the FMR by about $480 per month. Consequently, Section 8 voucher holders face significant constraints in finding affordable housing within the ZIP code, as most units exceed the FMR limit. #### Affordability & Renter Profile ZIP code 92113 has a high renter population of 69.8%, suggesting a strong demand for rental properties. With a median household income of $61,819, many residents rely on rental assistance programs like Section 8 to afford housing. The occupancy rate of 94.3% indicates a tight rental market, where there is little excess supply to meet the demand. Given the high renter percentage and low vacancy rate, it is likely that the majority of residents are struggling to find affordable housing options. The FMR for a two-bedroom unit is only $2,420, while the actual median rent is much higher, making it difficult for renters to find units that fit within their budget without assistance. #### Investor Angle From an investor perspective, renting out a property at the FMR can be challenging due to the high actual rent levels. A two-bedroom unit rented at the FMR of $2,420 would generate less income compared to the market rate of approximately $2,900. This discrepancy could lead to negative cash flow for investors who are not able to cover their expenses with the FMR. Additionally, the high price-to-FMR ratio suggests that the market is overpriced relative to the FMR, which could make it difficult for investors to find properties that are both affordable and profitable. The investment grade for this ZIP code would likely be lower due to the tight rental market and the difficulty in finding properties that are affordable for Section 8 voucher holders. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units such as one-bedroom or studio apartments. These units have lower FMRs ($1,980 for 1BR and $1,850 for 0BR) and might be more affordable for Section 8 voucher holders. This strategy could help investors avoid the negative cash flow associated with larger units. 2. **Seek Out Affordable Properties**: Investors should look for properties that are below the market median price but still within the FMR range. For example, a two-bedroom unit priced at around $300,000 would have a monthly mortgage payment of approximately $1,500, leaving a buffer of $920 for other expenses and potential profit. This approach would allow investors to offer competitive rents while maintaining profitability. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 92113 is to **Skip**. The high price-to-FMR ratio and the tight rental market make it difficult to find properties that are both affordable and profitable. While there is a strong demand for rental properties, the actual rent levels far exceed the FMR, limiting the number of available units that qualify for Section 8 vouchers. Investors looking to enter this market should carefully consider these factors and potentially explore other ZIP codes with better alignment between FMR and actual rents.

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.