Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,600 | $285,217 | 0.56% | F |
| 2BR | $1,990 | $412,995 | 0.48% | F |
| 3BR | $2,630 | $597,567 | 0.44% | F |
| 4BR | $3,170 | $835,126 | 0.38% | F |
| 5BR | $3,677 | $1,217,021 | 0.3% | F |
U.S. Census Bureau data (2024)
ZIP code 92315, located in Big Bear Lake, CA, falls within the larger Riverside-San Bernardino-Ontario, CA MSA. To understand its position within the metro, let's analyze the key figures:
The Fair Market Rent (FMR) for ZIP 92315 is set at $1,580 for fiscal year 2024, which is lower than the average market rent of $1,934. This indicates that the area is more affordable compared to other ZIP codes within the MSA. The median home value stands at $545,739, which is also likely below the average for the entire MSA, suggesting that the housing market in Big Bear Lake is relatively less expensive.
A significant 33.8% of residents in ZIP 92315 are renters, which is notably higher than the typical renter share for the broader MSA. This high percentage of renters combined with below-average home values can be an indicator of a potential sweet spot for Section 8 properties. Landlords and small-portfolio investors looking to serve the needs of low-income families might find this ZIP code particularly attractive due to the affordability of both rents and homes.
Given the lower FMR and market rent, along with a higher-than-average renter share, ZIP 92315 can be classified as a value pocket within the Riverside-San Bernardino-Ontario, CA MSA. It offers opportunities for those who want to invest in more affordable areas where there is a demand for rental properties, especially those that cater to the Section 8 program.
To summarize, the specific figures suggest that ZIP 92315 is an affordable option within its metro, characterized by lower rents and home values, but with a higher proportion of renters. This makes it a favorable location for investors interested in serving the needs of low-income renters through Section 8.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.