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 | $2,790 |
| 1 Bedroom | $2,970 |
| 2 Bedrooms | $3,590 |
| 3 Bedrooms | $4,760 |
| 4 Bedrooms | $5,760 |
| 5 Bedrooms | $6,682 |
| 6 Bedrooms | $7,484 |
| 7 Bedrooms | $8,083 |
| 8 Bedrooms | $8,487 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,970 | $375,482 | 0.79% | D |
| 2BR | $3,590 | $616,515 | 0.58% | F |
| 3BR | $4,760 | $953,293 | 0.5% | F |
| 4BR | $5,760 | $1,052,129 | 0.55% | F |
| 5BR | $6,682 | $1,188,021 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 92123, located in the heart of San Diego, California, offers a vibrant and bustling urban environment with easy access to major attractions, dining, and shopping. This area is known for its high quality of life, reflected in its robust rental market and significant investment opportunities for landlords and small-portfolio investors.
Given the high median home values and median incomes, coupled with a substantial renter share, ZIP 92123 presents a favorable environment for real estate investments, particularly in rental properties. The close alignment between the Fair Market Rent and the market rent further supports the attractiveness of this area for landlords and small-portfolio investors seeking to capitalize on San Diego's thriving rental market.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.