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 |
ZIP code 92340, situated within the Riverside-San Bernardino-Ontario, CA MSA, has a Fair Market Rent (FMR) of $1940 for fiscal year 2024. This places it below the typical FMR for a two-bedroom unit in the broader MSA, which is set at $2,306. The FMR for ZIP 92340 is approximately 15.8% below the MSA-wide FMR for a two-bedroom apartment, suggesting that it is likely a value pocket within the larger metropolitan area.
The HUD FY2025 FMR for a two-bedroom unit in the Riverside-San Bernardino-Ontario, CA MSA is $2,306, which is 4.8% below the market rent. This indicates that the FMR is generally lower than what the market typically charges, making areas with FMRs closer to this benchmark more attractive for landlords participating in the Section 8 program. ZIP 92340's FMR of $1940 is even further below this benchmark, potentially offering greater flexibility for landlords who wish to attract tenants with Section 8 vouchers.
Without specific market rent and home value data for ZIP 92340, it is inferred that its lower FMR could mean it has below-average market rents and home values compared to the rest of the MSA. This combination, along with the unknown but presumably significant renter share, aligns with characteristics of a value pocket where Section 8 properties are more likely to find acceptance.
To make a definitive assessment, it would be beneficial to obtain more granular data on market rents and home values specific to ZIP 92340. Nonetheless, based on the available information, ZIP 92340 appears to offer a cost-effective option for both landlords and tenants within the Section 8 program framework.
Data Sources: FMR data from HUD (2027).
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.