Section 8 Fair Market Rent (FMR) for ZIP 92243 - 2027

Investment Score for ZIP 92243

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	$940
1 Bedroom	$1,030
2 Bedrooms	$1,350
3 Bedrooms	$1,820
4 Bedrooms	$2,260
5 Bedrooms	$2,622
6 Bedrooms	$2,937
7 Bedrooms	$3,172
8 Bedrooms	$3,331

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
3BR	$1,820	$380,121	0.48%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92243 (Riverside, CA) #### Section 8 Voucher Dynamics ZIP code 92243 is located in Riverside, California, and the Fair Market Rent (FMR) figures for 2026 indicate that the rent for a two-bedroom unit is $1350, which constitutes 29.4% of the median household income of $55,057. This suggests that the FMR is relatively affordable compared to the median income. However, without recent Zillow data, it's challenging to determine how these FMRs compare to actual market rents. Typically, actual rents can be higher than FMRs, which could impose constraints on voucher holders. For instance, if the actual market rent for a two-bedroom unit exceeds $1350, Section 8 tenants would need to find units within the FMR limit or face additional out-of-pocket expenses. #### Affordability & Renter Profile The population of ZIP code 92243 is 49,069, with 48.5% being renters. This indicates a significant rental market presence. The occupancy rate stands at 87.7%, suggesting that the housing stock is reasonably occupied but not fully utilized, implying a balanced market rather than one that is oversupplied. Given the median household income of $55,057, the affordability of housing is crucial. The FMR for a two-bedroom unit at $1350 is a manageable figure for many households, but the high percentage of renters and the fact that FMR represents nearly 30% of the median income points to a tight market where affordability remains a key issue. #### Investor Angle From an investor perspective, the cash flow potential in ZIP code 92243 depends on whether the actual rents align with the FMRs. If the actual market rents are close to or below the FMRs, then investing in properties that cater to Section 8 tenants could be profitable. For example, a two-bedroom unit priced at $1350 would be within the FMR limit, allowing for stable cash flows if the property is rented to a Section 8 tenant. However, if market rents exceed the FMRs, investors might struggle to find tenants willing to pay the difference, making the investment less attractive. The investment grade in this area is likely to be moderate due to the significant number of renters and the relatively low median income. Investors should focus on properties that can be rented at or near the FMRs to ensure they remain competitive and viable in the local market. #### Specific Actionable Insights 1. **Focus on Two-Bedroom Units**: Given that the FMR for a two-bedroom unit is $1350, which is 29.4% of the median income, these units are most likely to attract Section 8 tenants. Investing in two-bedroom properties could provide a steady cash flow and align well with the needs of the local rental market. 2. **Consider Lower-Rent Properties**: Since the FMR for a one-bedroom unit is $1030, which is significantly lower than the two-bedroom FMR, investors might want to consider acquiring one-bedroom units. These properties are likely to be more affordable for a broader range of tenants, including those who might not qualify for a two-bedroom voucher. 3. **Monitor Local Rental Prices**: Although there is no recent Zillow data available, monitoring local rental prices through other sources such as real estate listings or local rental agencies is essential. If actual market rents consistently exceed the FMRs, investors may need to adjust their strategies to either target properties below the FMR or prepare for potential vacancies. #### Bottom Line For Section 8-focused investors, ZIP code 92243 presents a mixed picture. The significant rental market and the reasonable alignment between FMRs and median income suggest potential for cash-flow positive investments, particularly in two-bedroom units. However, the lack of recent market data makes it difficult to assess the exact competitiveness of these rents. Therefore, the recommendation is to **Hold** until more current market data becomes available. This will allow investors to make informed decisions based on the latest rental trends and ensure that their investments remain aligned with the needs of the local rental market.

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.