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 | $1,530 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,990 | $187,809 | 1.06% | B |
| 3BR | $2,630 | $271,728 | 0.97% | C |
U.S. Census Bureau data (2024)
The Section 8 program in ZIP code 92365 presents a significant opportunity for landlords and small-portfolio investors due to the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for zip code 92365 for fiscal year 2024 is set at $1,580, whereas the Census ACS reports the market rent at $1,048. This creates a gap of $532 per month, or approximately 34%.
In this context, where only 22.7% of residents are renters, and the median home value stands at $246,368, the median income of $67,600 suggests that many potential tenants might struggle to afford market rents without assistance. Given that the FMR exceeds the market rent, properties accepting Section 8 vouchers can command higher rents than those paid by traditional market-rate tenants.
This scenario makes ZIP 92365 a compelling yield play for landlords. By renting to voucher holders, you can secure a monthly rental income that is significantly above the average market rate, thus improving your cash flow and investment returns. Additionally, the stability provided by government-backed payments reduces the risk of rent delinquency or vacancy, which are common concerns for landlords.
However, it's important to note that accepting Section 8 vouchers comes with its own set of responsibilities and regulations. Landlords must ensure their properties meet HUD’s housing quality standards and be prepared for regular inspections. Despite these requirements, the financial benefits outweigh the administrative costs, making it a strategic choice for maximizing rental yields in 92365.
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.