Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| 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 |
U.S. Census Bureau data (2024)
A skeptical investor might have several concerns regarding ZIP 92369 in Patton, CA, particularly related to the Fair Market Rent (FMR) of $1940, the demand for rentals, and the ability of voucher programs to keep up with market rents.
Will FMR $1940 cover the mortgage on a home? The median home value in ZIP 92369 is currently not available, making it difficult to determine if the FMR will sufficiently cover the mortgage on a typical home. However, given the rural nature of Patton, it is likely that home values are lower compared to urban areas, which could mean that a $1940 rent could be sufficient to cover mortgage costs, especially considering other expenses such as property taxes and maintenance.
Is there enough renter demand? The rental demand percentage is not specified in the data provided, but the total population of ZIP 92369 is 1,481. With only 5 businesses reported, the employment rate stands at 1.92%, suggesting limited job opportunities and potentially less demand for rentals. However, the exact percentage of renters versus homeowners is not provided, so we cannot conclusively assess the level of rental demand based solely on these figures.
Will vouchers keep pace with market rents? The median household income data is also not available, which makes it challenging to evaluate whether the voucher program can support tenants at the market rate of $1940. Typically, voucher amounts are adjusted annually to reflect changes in the cost of living and market rents, but without specific income data, it's unclear how well these adjustments align with the local economic conditions.
In conclusion, while ZIP 92369 presents some challenges due to limited data, the rural setting and low business density suggest that rental demand might be lower compared to more urbanized areas. Investors should consider these factors alongside the FMR when evaluating the potential profitability of rental properties in this 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.