Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, 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 92278 stands as a dynamic real estate market, particularly within the context of Section 8 housing. The Fair Market Rent (FMR) for the area is set at $1850 for fiscal year 2024, indicating the baseline rental cost that landlords can expect when participating in the Section 8 program. This figure is crucial for understanding the economic viability of renting properties to tenants who receive federal housing assistance.
While the market rent for ZIP 92278 is currently unavailable, the absence of data on price-cut shares and days on market (DOM) suggests a stable or growing demand for rental properties. In markets where supply significantly exceeds demand, there would typically be higher instances of price reductions and longer periods for properties to be listed before being rented. The lack of such data points towards a scenario where demand is robust enough to absorb available supply without necessitating substantial concessions from landlords.
The median home value and the percentage of renters in the area are also unspecified, which limits the ability to fully assess the long-term housing pressures. However, it's important to note that a high renter share generally implies ongoing housing pressures, as more individuals seek rental accommodation rather than purchasing homes. This trend could indicate a strong need for affordable rental units, including those supported by Section 8, to meet the housing demands of the population.
In summary, ZIP 92278 presents itself as a market in flux, driven by the interplay between federal housing programs and local rental costs. With an FMR of $1850, landlords can secure a steady income stream while contributing to the community's need for affordable housing. The undefined metrics suggest a balanced market, where neither supply nor demand overwhelmingly dominates, creating a stable environment for both landlords and tenants.
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.