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 | $352,986 | 0.56% | F |
| 3BR | $2,630 | $453,379 | 0.58% | F |
| 4BR | $3,170 | $547,346 | 0.58% | F |
U.S. Census Bureau data (2024)
ZIP 92372, located in Pinon Hills, CA, within the Riverside-San Bernardino-Ontario, CA MSA, serves as a cash-flow anchor for a Section 8 portfolio strategy. This classification is based on the favorable spread between the Fair Market Rent (FMR) and the market rent, as well as the median home value.
The FMR for a one-bedroom unit in ZIP 92372 for fiscal year 2024 is set at $1580, which is below the current market rent of $1,677. This indicates that landlords can expect steady cash flow due to the government subsidy covering a substantial portion of the rental income. The subsidy ensures that even if the market rent increases, the risk of tenant default is mitigated by the guaranteed payment from the Section 8 program.
Furthermore, the median home value in ZIP 92372 stands at $460,088, which is relatively high compared to the median income of $66,471. This suggests that the area is attractive for homeownership but also presents opportunities for rental properties. The low 0.2% price-cut share and N/A-day Days on Market (DOM) indicate that the local real estate market is stable, with few properties needing significant price reductions or staying on the market for extended periods. Such stability supports the cash-flow anchor designation, as it reduces the likelihood of rapid changes in property values affecting rental income.
While the 18.9% renter share might seem modest, it still provides a solid foundation for a Section 8 portfolio. This percentage represents a significant number of potential tenants who rely on rental assistance programs. Given the high median home value and the moderate renter share, landlords can target properties that are slightly above average in quality to attract tenants willing to pay closer to the market rate, thereby maximizing their cash flow.
In summary, ZIP 92372 acts as a reliable cash-flow anchor in a Section 8 portfolio strategy. The favorable spread between FMR and market rent, combined with a stable real estate market, makes it an ideal location for landlords seeking consistent returns without the volatility associated with appreciation plays or the uncertainty of diversifiers.
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.