Section 8 Fair Market Rent (FMR) for ZIP 92128 - 2027

Investment Score for ZIP 92128

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	$2,800
1 Bedroom	$2,990
2 Bedrooms	$3,610
3 Bedrooms	$4,790
4 Bedrooms	$5,790
5 Bedrooms	$6,716
6 Bedrooms	$7,522
7 Bedrooms	$8,124
8 Bedrooms	$8,530

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,990	$423,983	0.71%	D
2BR	$3,610	$692,316	0.52%	F
3BR	$4,790	$1,068,067	0.45%	F
4BR	$5,790	$1,375,954	0.42%	F
5BR	$6,716	$1,663,567	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92128 (San Diego, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92128, as of 2026, is set at $3840 for a two-bedroom unit. This figure represents 35.2% of the median household income in the area, which stands at $131,077. However, the actual rent prices for a two-bedroom unit in the ZIP code are significantly higher, with Zillow reporting a median price of $715,939. The price-to-FMR ratio is 15.5x, indicating that actual rents far exceed the FMR. For voucher holders, this means that finding affordable housing within the limits of their vouchers can be extremely challenging. The gap between FMR and actual rents suggests that voucher holders would need to look for units priced below $3840, which is unlikely given the current market conditions. #### Affordability & Renter Profile ZIP code 92128 has a population of 48,992, with 34.5% of residents being renters. The occupancy rate is high at 95.3%, suggesting that the rental market is tight. Given the median household income of $131,077, the majority of residents are likely middle to upper-middle class individuals who can afford the high rent prices. However, the affordability challenge for those relying on Section 8 vouchers is significant. With the FMR for a two-bedroom unit being only $3840, it is clear that the market is highly oversupplied with units priced well above this level, making it difficult for low-income renters to find suitable accommodation. #### Investor Angle From an investor perspective, the ZIP code 92128 presents a mixed picture. While the high median rent prices indicate strong demand, the reliance on Section 8 vouchers introduces additional complexities. At the FMR of $3840 for a two-bedroom unit, the cash flow potential is limited due to the significant difference between FMR and actual market rents. Investors should consider the following: - **Cash Flow Potential**: Given the high actual rent prices, properties rented at FMR levels will likely generate lower cash flows compared to market rates. This could impact the overall profitability of investments. - **Investment Grade**: The tight rental market and high occupancy rate suggest that the ZIP code is attractive for investors. However, the difficulty in finding tenants willing to pay the FMR might downgrade the investment grade for Section 8-focused investors. #### Specific Actionable Insights 1. **Focus on Lower-Rent Units**: Investors should focus on acquiring properties with lower rent prices, such as one-bedroom units priced around $3150. These units are more likely to attract Section 8 voucher holders, ensuring a steady stream of tenants. 2. **Consider Renovation Projects**: Given the high price-to-FMR ratio, there may be opportunities to purchase older properties at a discount and renovate them to meet the needs of voucher holders. This strategy could help bridge the gap between FMR and actual rents, making properties more accessible to low-income renters. 3. **Explore Multi-Family Properties**: Multi-family properties often have a mix of unit sizes and rents. Investing in a multi-family property with a variety of one and two-bedroom units could provide better flexibility in attracting both market-rate and voucher tenants. #### Bottom Line For Section 8-focused investors, the ZIP code 92128 presents a challenging environment due to the significant disparity between FMR and actual rent prices. The tight rental market and high occupancy rates make it difficult to find units that fit within the FMR guidelines. Therefore, the recommendation for this ZIP code is to **Skip** unless you can find properties priced significantly below market rates or are willing to undertake extensive renovations to bring down costs. The high price-to-FMR ratio and limited availability of affordable units make it less favorable for Section 8 investments compared to other areas with more aligned rent prices.

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.