Section 8 Fair Market Rent (FMR) for ZIP 92423 - 2027
Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,560 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $2,040 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
A skeptical investor might raise several concerns regarding ZIP 92423 in San Bernardino, CA. Here are some key objections and their corresponding answers based on available data:
- Will FMR $1940 (zip FY 2024) cover the mortgage on a home? The Fair Market Rent (FMR) for ZIP 92423 is set at $1940 for FY 2024. However, without specific data on average home prices and mortgage rates, it's challenging to definitively state whether this will cover the mortgage on a typical home. Current listings suggest a wide range of home values, from around $410,000 to over $670,000, which implies varying mortgage payments.
- Is there enough renter demand at 92423%? The demand for rentals in ZIP 92423 appears strong, given the active real estate market and the presence of multiple homes listed for sale with detached ADUs, indicating potential for rental income. While the exact percentage of renters in the area isn't specified, the availability of properties with additional units suggests that there is interest in renting.
- Will vouchers keep pace with market rents? The effectiveness of vouchers in covering market rents depends on the specific voucher program and the rate of rent increases. With FMR set at $1940, vouchers should generally be sufficient for most rental units in the area. However, if market rents rise faster than the adjustment of voucher amounts, there could be a gap. Monitoring local rent trends and federal adjustments to voucher amounts is essential.
The data indicates a diverse housing market in ZIP 92423, with opportunities for both homeownership and rental investments. Landlords and small-portfolio investors should carefully consider these factors when evaluating investment prospects in the area.
Data Sources: FMR data from HUD (2027).
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.