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 |
The ZIP code 92255 in California presents unique challenges and opportunities for both renters and landlords. Given the median income is not available, it's crucial to focus on the housing costs and the financial support systems in place.
The Fair Market Rent (FMR) for ZIP 92255, as determined by the Department of Housing and Urban Development (HUD), is set at $2090 for fiscal year 2024. This figure represents the voucher payment standard for Section 8 participants, indicating the maximum amount that landlords can expect to receive from the program for a unit in this area.
With the market rate being N/A, it's difficult to make a direct comparison. However, it's important to note that the affordability gap between the FMR and the actual market rate can significantly impact the competition among landlords. If the market rate exceeds the FMR, some renters might struggle to cover the difference, especially if their income is also unknown. This scenario could lead to increased demand for subsidized housing options, thereby favoring landlords who accept vouchers.
The percentage of renters and the total population data being unavailable further complicates understanding the rental market dynamics. Nonetheless, it's reasonable to infer that the lack of detailed income data coupled with an unclear market rate suggests a need for landlords to be flexible and consider the benefits of accepting vouchers.
Takeaway for landlords: In ZIP 92255, where the median income and market rate are not specified, landlords should lean towards accepting vouchers as a strategy to attract tenants. The FMR of $2090 offers a stable source of income and reduces the risk associated with potential renter defaults due to the uncertain economic conditions. This approach ensures a steady stream of income while also serving a community that may otherwise face significant housing challenges.
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.