Section 8 Fair Market Rent (FMR) for ZIP 92247 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 92247, located in Riverside County, California, is situated within the greater Palm Springs area, known for its warm climate and proximity to natural attractions such as the Santa Rosa Mountains and Joshua Tree National Park. This region has historically attracted retirees and vacationers, contributing to a robust rental market.

• Fair Market Rent (FMR): The Fair Market Rent for ZIP 92247 is set at $2090 for fiscal year 2024, indicating a stable housing cost environment for landlords participating in the Section 8 program.
• Market Rent: Data on current market rents for ZIP 92247 is currently unavailable, but it's important for landlords to stay informed about local rental trends to ensure competitive pricing.
• Median Home Value: The median home value for this ZIP code is also not available, which suggests that focusing on rental properties rather than flipping homes might be more strategic for investors.
• Renter Share: The percentage of residents who are renters in ZIP 92247 is not available, making it challenging to gauge the demand for rental properties specifically.
• Days on Market (DOM): Information regarding the average days on market for rental listings is not available, which could impact a landlord's ability to assess how quickly properties are typically leased.
• Median Income: The median income figure for ZIP 92247 is not available, which means landlords need to rely on other indicators to understand the economic capacity of potential tenants.

In summary, while the Fair Market Rent for ZIP 92247 is established at $2090 for fiscal year 2024, providing a benchmark for landlords participating in the Section 8 program, several key metrics such as market rent, median home value, and demographic specifics are lacking. Investors should consider leveraging local real estate agents or conducting their own research to fill these gaps. The absence of detailed data points underscores the importance of staying abreast of local market conditions to make informed investment decisions.

Data Sources: FMR data from HUD (2027).

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.