Section 8 Fair Market Rent (FMR) for ZIP 92394 - 2027

Investment Score for ZIP 92394

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,990	$335,566	0.59%	F
3BR	$2,630	$401,890	0.65%	D
4BR	$3,170	$450,545	0.7%	D
5BR	$3,677	$495,631	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92394 (Victorville, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92394, as set by HUD for 2026, is $2080 for a two-bedroom unit. This figure represents 31.8% of the median household income in Victorville, which stands at $78,466. The FMR is designed to reflect the average rent that voucher holders can afford, but it is important to consider how these figures compare to actual rental prices in the area. According to the provided data, the Zillow median price for a two-bedroom home in ZIP 92394 is $333,966. This translates into a price-to-FMR ratio of 13.4x, indicating that the actual market rent for a two-bedroom unit is significantly higher than the FMR. For instance, if we assume a typical mortgage payment based on the Zillow median price, the monthly cost would be approximately $1600 (using a 4.5% interest rate and a 30-year fixed mortgage). However, this is still above the FMR of $2080, suggesting that voucher holders face significant constraints in finding affordable housing. They may struggle to find units that do not exceed their voucher amount, especially given the high occupancy rate of 96.1%, which implies limited availability of rental properties. #### Affordability & Renter Profile In Victorville, 36.1% of households are renters, indicating a substantial demand for rental housing. The median household income of $78,466 suggests that many residents are middle-class families who might benefit from rental assistance programs like Section 8. Given the high occupancy rate and the relatively low percentage of renters compared to the overall population, it appears that the rental market is somewhat tight, with fewer units available relative to the number of potential tenants. The high price-to-FMR ratio also points to a market where affordability is a significant issue. With the median rent for a two-bedroom unit being $2080, and the median household income being $78,466, the average renter would spend about 31.8% of their income on housing. This is within the generally accepted range of affordability, but it leaves little room for other expenses, such as utilities, food, and healthcare. Therefore, the market is likely to be challenging for lower-income individuals seeking housing, particularly those relying solely on their income without additional assistance. #### Investor Angle From an investor's perspective, the key question is whether the FMR can support positive cash flow. Given the Zillow median price of $333,966, the typical mortgage payment would be around $1600 per month. If we assume an average rental income of $2080 per month, the difference between the rental income and the mortgage payment would be $480 per month, before accounting for property taxes, insurance, maintenance, and other costs. Assuming a conservative estimate of $400 in additional expenses, the net positive cash flow would be around $80 per month. This indicates that while the FMR can theoretically support positive cash flow, the margin is slim. Investors should carefully consider all associated costs and potential risks, such as vacancy rates and maintenance expenses. The investment grade for this ZIP code would be moderate, given the tight rental market and the high price-to-FMR ratio. Investors should focus on properties that can be rented out at or below the FMR to maximize their chances of attracting Section 8 voucher holders. #### Specific Actionable Insights 1. **Focus on Lower-Rent Units**: Given the high price-to-FMR ratio, investors should prioritize acquiring properties that can be rented out at or below the FMR. For example, a one-bedroom unit with an FMR of $1670 would be more attractive to voucher holders than a two-bedroom unit with an FMR of $2080. This could help ensure a steady stream of rental income and reduce the risk of vacancies. 2. **Consider Property Location**: Since the occupancy rate is high at 96.1%, location plays a crucial role in the success of rental properties. Investors should look for areas within ZIP 92394 that have a higher concentration of lower-income households, as these areas are more likely to have a greater demand for affordable housing. Additionally, proximity to public transportation, schools, and essential services can make a property more appealing to voucher holders. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 92394 is to **Hold**. While the market presents opportunities for positive cash flow, the margins are thin, and the high price-to-FMR ratio suggests that finding properties that fit within the voucher limits will be challenging. Investors should proceed cautiously, focusing on lower-rent units and strategically choosing locations that align with the needs of voucher holders. In summary, the dynamics of the rental market in Victorville, combined with the high price-to-FMR ratio, create a challenging environment for both voucher holders and investors. Careful consideration of property selection and strategic planning are essential for success in this 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.