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 | $408,926 | 0.49% | F |
| 3BR | $2,630 | $478,534 | 0.55% | F |
| 4BR | $3,170 | $564,737 | 0.56% | F |
U.S. Census Bureau data (2024)
The median Fair Market Rent (FMR) for ZIP 92408 in fiscal year 2024 is set at $1,580. This amount is significantly lower than the median market rent of $2,195, indicating that properties in this area can be rented out at a higher rate than the FMR, potentially attracting tenants outside of the Section 8 program. The spread between the FMR and market rent suggests a possible opportunity for landlords to balance their portfolio with both subsidized and market-rate rentals.
ZIP 92408 has a substantial renter share of 61.5%, which means there is a large population of potential renters. This high percentage of renters can provide a steady demand for rental properties, making it an attractive area for landlords looking to diversify their investment. Additionally, the median income in the area is $68,333, which, while not extremely high, supports a mix of income levels, including those eligible for Section 8 subsidies.
The median home value in ZIP 92408 is $473,248, which is relatively stable but not indicative of rapid appreciation. The low price-cut share of 0.1% and the lack of data regarding days on market (DOM) suggest that the real estate market in this area is competitive and efficient, with little need for significant price adjustments. This stability makes it a good candidate for diversification rather than an appreciation play.
In summary, ZIP 92408 should be considered a diversifier within a Section 8 portfolio strategy due to its significant renter population, reasonable median income, and stable property values. Landlords can leverage the difference between FMR and market rents to manage a balanced portfolio, ensuring consistent cash flow and minimizing risk.
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.