Section 8 Fair Market Rent (FMR) for ZIP 92308 - 2027

Investment Score for ZIP 92308

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$1,600	$222,984	0.72%	D
2BR	$1,990	$347,357	0.57%	F
3BR	$2,630	$405,951	0.65%	D
4BR	$3,170	$516,874	0.61%	D
5BR	$3,677	$602,848	0.61%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92308 (Apple Valley, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92308, as per the 2026 guidelines, is set at $2080 for a two-bedroom unit. This amount represents 37.5% of the median household income of $66,568 in the area. However, the actual rent for a two-bedroom unit can be significantly higher. According to Zillow, the median price for a two-bedroom rental property in Apple Valley is $351,944, which translates to a price-to-FMR ratio of 14.1x. This means that the actual rent for a two-bedroom unit could be around $29,282 annually ($2,440 monthly), far exceeding the FMR of $2080. Consequently, Section 8 voucher holders face significant constraints in finding affordable housing that fits within their budget. #### Affordability & Renter Profile The population of Apple Valley is 42,709, with 28.5% of residents being renters. The occupancy rate stands at 94.9%, indicating a relatively tight rental market. Given the high price-to-FMR ratio, it is likely that many renters, particularly those relying on Section 8 vouchers, struggle to find suitable housing options. The median household income of $66,568 suggests that a substantial portion of the population may have difficulty affording the higher rent prices without assistance. Therefore, the market appears to be undersupplied with affordable units, making it challenging for low-income renters to secure housing. #### Investor Angle From an investor perspective, the ZIP code 92308 offers mixed potential for cash flow when considering the FMR. If an investor aims to cater specifically to Section 8 voucher holders, they would need to ensure that their rental properties do not exceed the FMR limits. For a two-bedroom unit, this means setting the rent at $2080 or less. However, given the actual market prices, which are much higher, investors who can offer competitive rents while staying within FMR guidelines might find themselves in a niche but potentially lucrative position. The investment grade for this ZIP code depends largely on the ability to attract and retain tenants who qualify for Section 8 vouchers. While the high price-to-FMR ratio indicates a premium market, the demand for affordable housing remains strong, especially among the 28.5% of renters who may rely on such assistance. Investors should carefully consider the balance between market rates and FMR to determine the feasibility of their investments. #### Specific Actionable Insights 1. **Target Affordable Units**: Investors should focus on acquiring or developing properties that align with the FMR guidelines. Specifically, a two-bedroom unit should not exceed $2080 per month to remain attractive to Section 8 voucher holders. This strategy can help mitigate the risk of vacancy in a market where affordability is a key concern. 2. **Consider Multi-Family Properties**: Given the high occupancy rate of 94.9%, multi-family properties may present a better opportunity for steady cash flow. These properties can offer a range of unit sizes, allowing investors to cater to different income levels and maximize the use of available space. For instance, a three-bedroom unit at $2780 per month could still be within reach for some families, even if slightly above the FMR for two-bedroom units. 3. **Explore Government Programs**: Investors should explore government programs and incentives designed to support affordable housing initiatives. These programs can provide additional funding or tax benefits that make it financially viable to offer rentals at or below FMR. Additionally, understanding the local housing authority’s requirements and processes can streamline the acquisition and management of Section 8 properties. #### Bottom Line For Section 8-focused investors, ZIP code 92308 presents a challenging yet potentially rewarding market. The high price-to-FMR ratio suggests that there is a significant gap between what the market demands and what Section 8 vouchers can cover. However, the strong occupancy rate and the presence of a sizable renter population indicate a robust demand for affordable housing. Given these dynamics, the recommendation is to **Hold** on existing investments while selectively expanding into new opportunities that strictly adhere to FMR guidelines. Targeting multi-family properties and exploring government programs can enhance the chances of success in this market. However, investors must be prepared to navigate the complexities of ensuring that rents stay within the FMR limits, which can be a significant constraint in a premium-priced rental market.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.