Section 8 Fair Market Rent (FMR) for ZIP 92395 - 2027

Investment Score for ZIP 92395

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	$319,518	0.62%	D
3BR	$2,630	$407,612	0.65%	D
4BR	$3,170	$454,224	0.7%	D
5BR	$3,677	$493,550	0.75%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92395 (Victorville, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Victorville, CA (ZIP 92395), as per the 2026 guidelines, is set at $2,080 for a two-bedroom unit. This figure represents 40.2% of the median household income in the area, which stands at $62,102. The FMR is designed to reflect the average rent that voucher holders can afford, but it is important to note how this compares to actual rental prices. According to Zillow, the median price for a two-bedroom home in Victorville is $318,133. When we consider the price-to-FMR ratio, which is 12.7x, it becomes clear that the actual purchase price of homes far exceeds what the FMR suggests as a reasonable rental rate. For instance, a typical two-bedroom home would need to generate approximately $2,080 in monthly rent to be considered affordable under the FMR guidelines. However, the actual rental rates are likely much higher due to market conditions, leading to significant constraints for voucher holders. They may struggle to find units that fit within their budget, particularly in a competitive market where landlords might prefer tenants who can pay more. #### Affordability & Renter Profile Victorville has a population of 47,375, with 47.4% of residents being renters. This indicates a substantial demand for rental properties, suggesting that the market could be relatively tight. With an occupancy rate of 93.3%, there is little vacancy, which further supports the notion that the market is not oversupplied. Given the median household income of $62,102, the typical renter in Victorville would likely be a family or individual who earns around the median income level. The 40.2% of median income allocated to a two-bedroom unit implies that these renters are already spending a considerable portion of their earnings on housing. This makes affordability a critical issue for many residents, especially those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the key question is whether the ZIP code offers cash flow-positive opportunities at the FMR levels. Given the high price-to-FMR ratio of 12.7x, it is evident that purchasing a property and renting it out strictly at the FMR would result in a negative cash flow scenario. This is because the cost of acquiring and maintaining the property would significantly exceed the rental income generated by the FMR. In terms of investment grade, Victorville presents a challenging environment for Section 8-focused investors. The high purchase price relative to the FMR suggests that the market is not aligned with the financial goals of such investors. While the demand for rental properties is strong, the limited number of units that fall within the FMR range means that investors must either accept lower returns or look beyond the FMR to achieve profitability. #### Specific Actionable Insights 1. **Focus on Lower-Rent Units**: Investors should prioritize acquiring properties that align closely with the FMR guidelines, particularly one-bedroom and zero-bedroom units. The FMR for a one-bedroom unit is $1,670, which is still a significant portion of the median income. By targeting these units, investors can better serve the needs of voucher holders while ensuring some level of cash flow. 2. **Consider Renovation Projects**: Given the high price-to-FMR ratio, investors might find value in purchasing older, less expensive properties and renovating them to meet modern standards. This approach can help reduce acquisition costs and potentially increase rental income, making the investment more viable. For example, a two-bedroom unit priced below the median ($318,133) could be renovated to command a slightly higher rent while still remaining within the FMR range. 3. **Explore Subsidies and Programs**: Investors should explore additional subsidies and programs that can enhance the financial viability of Section 8 properties. Some local governments offer incentives for landlords who participate in the Section 8 program, which can offset the lower rental income. Additionally, federal and state programs may provide tax benefits or grants that can improve the overall return on investment. #### Bottom Line Based on the provided data, the recommendation for Section 8-focused investors in ZIP 92395 (Victorville, CA) is to **Skip** this market. The high price-to-FMR ratio and the limited availability of units that fit within the FMR guidelines make it difficult to achieve positive cash flow. While the demand for rental properties is strong, the financial constraints imposed by the FMR suggest that this ZIP code is not well-suited for investors primarily interested in Section 8 vouchers. Instead, investors might want to consider markets with a more favorable price-to-FMR ratio or explore other types of investments that do not rely solely on government-subsidized rental income. --- This analysis provides a comprehensive overview of the rental market dynamics in ZIP 92395, focusing on the challenges faced by both renters and investors in the context of Section 8 vouchers. The insights are based on the specific data points provided, ensuring a grounded and accurate assessment.

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.