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 | $1,590 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $2,090 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $3,320 |
| 5 Bedrooms | $3,851 |
| 6 Bedrooms | $4,313 |
| 7 Bedrooms | $4,658 |
| 8 Bedrooms | $4,891 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,690 | $252,094 | 0.67% | D |
| 2BR | $2,090 | $321,423 | 0.65% | D |
| 3BR | $2,750 | $422,366 | 0.65% | D |
U.S. Census Bureau data (2024)
ZIP code 92339, located in Forest Falls, CA, falls within the larger Riverside-San Bernardino-Ontario, CA MSA. To analyze its position relative to other ZIP codes within this MSA, consider the following key metrics: Fair Market Rent (FMR), market rent, home value, and renter share.
The FMR for ZIP 92339 is set at $1960 for fiscal year 2024. This figure is slightly higher than the average market rent of $1,803, indicating that it is positioned as a mid-tier neighborhood. The FMR is used to determine eligibility for housing assistance programs, including Section 8, and provides a benchmark for rental prices in the area.
The median home value in 92339 stands at $348,607. This is comparable to the broader MSA's average home value, suggesting that the ZIP code aligns well with the overall housing market trends in the region. Home values can influence the cost of living and property taxes, which are important considerations for landlords and small-portfolio investors.
The renter share in 92339 is 19.3%, which is relatively low compared to typical ZIP codes within the MSA. This indicates that there is a smaller proportion of renters in the area, possibly due to lower population density or higher homeownership rates. However, this does not necessarily preclude it from being a valuable investment location for Section 8 properties.
An interesting divergence is observed when comparing the FMR and market rent to the home value. Despite having a below-average home value relative to the MSA, the FMR is slightly above the market rent. This suggests that 92339 could be considered a value pocket for Section 8 investments. Areas with high renter shares and below-average home values often attract tenants seeking affordable housing options, making them attractive for landlords participating in Section 8 programs.
In summary, ZIP code 92339 is best categorized as a mid-tier neighborhood within the Riverside-San Bernardino-Ontario, CA MSA. Its slightly elevated FMR, coupled with a below-average home value and a modest renter share, positions it as a potentially advantageous location for Section 8 properties, particularly for those looking to capitalize on value pockets within the broader real estate market.
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.