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 | $1,540 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,640 | $245,070 | 0.67% | D |
| 2BR | $2,020 | $355,968 | 0.57% | F |
| 3BR | $2,660 | $523,014 | 0.51% | F |
| 4BR | $3,200 | $697,159 | 0.46% | F |
U.S. Census Bureau data (2024)
In ZIP code 92333, located in Fawnskin, CA within San Bernardino County and part of the Riverside-San Bernardino-Ontario, CA MSA metro area, the market presents unique opportunities and challenges for Section 8 investors. The HUD Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,600, whereas the Census American Community Survey (ACS) reports an average market rent of $1,933. This indicates that voucher tenants would typically cashflow at the lower end of the spectrum, but only marginally so, given the gap between the FMR and market rents.
The median home value in the area is $410,003, which translates to a rent-to-price ratio of approximately 0.47%. This ratio suggests that the rental income generated from properties in this ZIP code represents a small percentage of their overall value, indicating that property appreciation might be a more significant factor for long-term investment success compared to rental income alone.
Note that the data does not provide a median Days on Market (DOM) or a share of listings making price cuts. However, these metrics being N/A and 0.2%, respectively, imply a stable housing market where properties do not typically sit unsold for extended periods nor require frequent price adjustments. This stability supports the viability of both rental and ownership investments in the area.
The strongest investor angle in ZIP 92333 is likely appreciation, due to the relatively high median home value and the modest rent-to-price ratio. This suggests that property values are expected to increase over time, providing a solid foundation for long-term wealth accumulation through real estate investment.
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.