Location: San Diego-Chula Vista-Carlsbad, CA | Metro: San Diego-Chula Vista-Carlsbad, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,430 |
| 2 Bedrooms | $2,940 |
| 3 Bedrooms | $3,900 |
| 4 Bedrooms | $4,710 |
| 5 Bedrooms | $5,464 |
| 6 Bedrooms | $6,120 |
| 7 Bedrooms | $6,610 |
| 8 Bedrooms | $6,941 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,430 | $351,912 | 0.69% | D |
| 2BR | $2,940 | $503,891 | 0.58% | F |
| 3BR | $3,900 | $942,772 | 0.41% | F |
| 4BR | $4,710 | $1,129,555 | 0.42% | F |
| 5BR | $5,464 | $1,211,749 | 0.45% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 92119, located in San Diego, CA, within the San Diego-Chula Vista-Carlsbad, CA MSA, does not favor landlords under the Section 8 program. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $2,940. However, the market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $2,544. This discrepancy means that landlords participating in Section 8 will receive less than what the market currently demands.
Acquisition in ZIP 92119 is relatively affordable compared to other areas in the region. The median home value is $993,293, which is a reasonable investment considering the local real estate market. Additionally, the average Days on Market (DOM) is only 12 days, indicating that homes are selling quickly. The price-cut share of 0.2% suggests that homes are being sold close to their asking prices, making it a stable market for acquisitions.
Tenant demand in ZIP 92119 is strong. With a total population of 24,456, the renter share is a significant 31.2%. This implies that over 7,621 individuals are likely seeking rental housing, providing a solid pool of potential tenants for landlords and small-portfolio investors.
In summary, while the rent math does not align favorably with market expectations, the affordability of acquisitions and the robust tenant demand make ZIP 92119 a viable option for those willing to participate in the Section 8 program. The quick turnover and low price-cut share indicate a healthy real estate market, and the substantial number of renters suggest that finding tenants should not be an issue. However, landlords must carefully weigh the lower rental income against the benefits of steady occupancy and reduced vacancy rates.
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.