Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
U.S. Census Bureau data (2024)
The Section 8 analysis for ZIP code 92332 is centered around the disparity between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR in this area is set at $1940. However, the market rent data is currently unavailable, which presents a significant challenge in providing a precise percentage gap. Despite this lack of direct comparison, it's important to understand that when FMR exceeds the market rent, it transforms into a yield play for landlords and small-portfolio investors.
In such scenarios, landlords can secure higher occupancy rates because the government subsidizes the difference between the FMR and what low-income tenants can afford to pay. This ensures a steady cash flow, even if the rents are lower than what might be obtained in the open market. The stability provided by the Section 8 program can be particularly attractive in an environment where only 0.0% of residents are renters, suggesting a potentially limited pool of tenants willing to pay market rates.
Additionally, the absence of median home value and median income data implies that there may be other economic factors at play in ZIP 92332. Landlords should consider these variables alongside the FMR to make informed decisions about their investment strategies. It's also worth noting that while the FMR is a critical benchmark, the actual financial impact on a landlord's bottom line will depend on the specifics of the Section 8 contract and the local rental market dynamics.
If the FMR were to be lower than the market rent, landlords would face the decision of either accepting a lower rate through the voucher program or renting at market rates without the subsidy. In such cases, the cost of housing voucher tenants below open-market rates would mean foregoing potential revenue gains but securing a reliable tenant base with guaranteed payments.
Landlords must weigh these factors carefully. The FMR of $1940 provides a baseline for what the government considers a fair rent in the area, but the lack of market rent data means that any decision should be made with caution, taking into account the broader economic context of the ZIP code.
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.