Section 8 Fair Market Rent (FMR) for ZIP 92327 - 2027

Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

576

Median Household Income

$N/A

Housing Units

355

Renter Percentage

69.9%

Occupancy Rate

87.0%

Renter Occupied

216

To determine if a landlord should invest in ZIP code 92327 for Section 8 properties, follow this decision tree:

Does the Fair Market Rent (FMR) of $1580 cover the debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not purchase a property in this ZIP code for Section 8 purposes. The FMR must exceed the debt service to ensure profitability.
Is the market rent of $819 above, at, or below the FMR?
- If above: This indicates strong demand and potential for higher returns. However, consider the disparity between market rent and FMR before making a decision.
- If at or below: The market rent is lower than or equal to the FMR, which suggests that the property will be rented at or near the FMR rate. This is acceptable but does not indicate a high premium over market rates.
Are 69.9% of residents renters, and do they have sufficient demand to keep days on market (DOM) low?
- If yes: There is a high percentage of renters, indicating strong demand. This is favorable for Section 8 properties as it ensures a steady stream of tenants. A low DOM also supports this positive outlook.
- If no: The percentage of renters is not enough to sustain demand, or the DOM is too high, suggesting that properties might remain vacant for extended periods. This would make the investment less attractive.

The final decision hinges on whether the FMR sufficiently covers debt service and whether the local rental market supports the investment. Given the data, the FMR of $1580 is significantly higher than the market rent of $819, which could attract tenants looking for affordable housing. Additionally, the high proportion of renters at 69.9% signals a robust demand for rental properties. However, the exact number of days on market (DOM) is missing, so landlords need to research this to ensure quick occupancy.

In conclusion, if the FMR of $1580 clears the debt service, and the DOM is low, then the answer is yes. Landlords should consider purchasing in ZIP 92327 for Section 8 properties due to the favorable FMR-to-market-rent ratio and high percentage of renters. Otherwise, it depends on the specific financials of the property and the local rental market conditions.

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.