Location: Riverside-San Bernardino-Ontario, CA | Metro: El Centro, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $3,170 |
| 5 Bedrooms | $3,677 |
| 6 Bedrooms | $4,118 |
| 7 Bedrooms | $4,447 |
| 8 Bedrooms | $4,669 |
U.S. Census Bureau data (2024)
The ZIP code 92274, located in Thermal, California, stands out in Riverside County with a population of 18,167 residents, where 27.5% of the population rents their homes. The median income in this area is $38,654, and the median home value is $301,739, reflecting a modest living environment that is somewhat affordable compared to other parts of Southern California.
When it comes to Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 92274 in fiscal year 2024 is set at $1,580. This figure is notably higher than the actual market rent, which according to Census ACS data, averages around $925 per month. This discrepancy suggests that landlords in Thermal can potentially benefit from participating in the Section 8 program, as they may receive higher rental payments than the typical market rate.
The data signature for ZIP 92274 indicates a stable environment. With a relatively low percentage of renters and a moderate median income, the area does not show signs of rapid demographic shifts or economic instability. However, the significant difference between the FMR and the market rent points to a transitional element within the rental market itself, suggesting that there might be opportunities for landlords to adjust their rental strategies to align with the higher FMR offered by the Section 8 program.
In summary, Thermal, CA offers a stable community with a modest cost of living. Landlords should consider the benefits of participating in the Section 8 program, as the FMR is significantly above the current market rates, providing a financial incentive to accept vouchers. This could be particularly advantageous in a market where the demand for affordable housing is likely to increase.
Data Sources: FMR data from HUD (2027). 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.