Section 8 Fair Market Rent (FMR) for ZIP 92203 - 2027

Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA

Investment Score for ZIP 92203

Monthly Rent (2BR)

$2,200

Median Price (2BR)

$456,427

1% Rule

0.48%

Annual Yield

5.78%

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	$1,680
1 Bedroom	$1,780
2 Bedrooms	$2,200
3 Bedrooms	$2,900
4 Bedrooms	$3,490
5 Bedrooms	$4,048
6 Bedrooms	$4,534
7 Bedrooms	$4,897
8 Bedrooms	$5,142

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	$1,780	$200,141	0.89%	C
2BR	$2,200	$456,427	0.48%	F
3BR	$2,900	$559,976	0.52%	F
4BR	$3,490	$600,116	0.58%	F
5BR	$4,048	$637,080	0.64%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

34,735

Median Household Income

$97,311

Housing Units

14,947

Renter Percentage

20.2%

Occupancy Rate

81.5%

Renter Occupied

2,465

The city of Indio, located in ZIP code 92203, is part of Riverside County in Southern California. Known for its warm climate and cultural events such as the Coachella Valley Music and Arts Festival, Indio attracts a diverse population. For real estate investors, particularly those interested in Section 8 housing, understanding the local rental market dynamics is crucial.

Fair Market Rent (FMR): The FMR for ZIP 92203 in fiscal year 2024 is set at $2,320, providing a benchmark for rental rates supported by federal housing assistance programs.
Market Rent: The average market rent for properties in Indio, as measured by the Zillow Observed Rental Index (ZORI), stands at $2,597, indicating that the local rental market slightly exceeds the FMR.
Median Home Value: The median home value in Indio is $564,149, reflecting the overall cost of homeownership in the area.
Renter Share: Approximately 20.2% of the residents in Indio are renters, suggesting a significant portion of the population relies on rental housing.
Days on Market (DOM): Properties typically stay on the market for 59 days before being rented, which is a moderate duration and can be influenced by seasonal fluctuations.
Median Income: The median household income in Indio is $97,311, offering insight into the financial capacity of potential tenants.

In summary, Indio presents a balanced opportunity for Section 8 real estate investors. With the FMR at $2,320 and the market rent slightly higher at $2,597, there is a reasonable margin for landlords who wish to participate in the federal housing program. The median home value indicates that while the area is not the most expensive, it still offers good investment potential. A renter share of 20.2% suggests a steady demand for rental units, and the median income supports the ability of tenants to meet their obligations. Given the 59-day DOM, landlords can expect a moderate wait time for finding suitable tenants, which is manageable considering the other positive indicators. Overall, Indio's rental market is stable and offers a solid foundation for investment, especially for those aligned with federal housing support programs.

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.