Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,860 |
| 4 Bedrooms | $3,440 |
| 5 Bedrooms | $3,990 |
| 6 Bedrooms | $4,469 |
| 7 Bedrooms | $4,827 |
| 8 Bedrooms | $5,068 |
ZIP code 92248, located within the Riverside-San Bernardino-Ontario, CA MSA, has a Fair Market Rent (FMR) of $2090 for fiscal year 2024. This figure is critical for understanding the rental dynamics within the area, especially for landlords and small-portfolio investors interested in Section 8 housing.
While the market rent and median home values for ZIP 92248 are not available, the FMR can be used as a benchmark to infer its position relative to other ZIP codes within the same MSA. The FMR is set by the U.S. Department of Housing and Urban Development (HUD) and reflects the average market rent for a standard unit in an area. It is typically lower than the actual market rents in most areas, making it particularly useful for assessing affordability and rental subsidies.
In the context of the Riverside-San Bernardino-Ontario, CA MSA, ZIP 92248's FMR of $2090 suggests that it is likely a value pocket within the larger metropolitan area. Value pockets are characterized by relatively lower costs compared to the overall metro, which can attract tenants seeking affordable housing options. Given the absence of specific market rent and home value data for 92248, we can infer that its rental market may be more affordable than the average ZIP code within the MSA, where higher rents and home values are common.
The lack of detailed renter share percentage for ZIP 92248 makes it challenging to draw definitive conclusions about its attractiveness to Section 8 participants. However, if we assume that the ZIP code has a higher-than-average renter share, combined with its lower FMR, it could indicate a sweet spot for Section 8 housing. Landlords in such areas often benefit from a steady stream of tenants eligible for rental assistance, reducing vacancy rates and providing a stable income source.
To further analyze the potential of ZIP 92248 as a value pocket or premium sub-market, additional data points on market rents and home values would be necessary. These metrics would provide a clearer picture of how the ZIP code compares to other areas within the MSA and help identify any unique characteristics that make it stand out for real estate investment.
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.