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 | $344,437 | 0.58% | F |
| 3BR | $2,630 | $541,017 | 0.49% | F |
| 4BR | $3,170 | $602,986 | 0.53% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP 92548, which encompasses the city of Homeland, California, in Riverside County, are straightforward. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $1720 per month for the fiscal year 2024. This SAFMR is specific to this ZIP code, meaning it's tailored to reflect the rental market conditions here more accurately than broader county or metropolitan averages.
In contrast, the local market rent for a two-bedroom unit, based on the most recent Census American Community Survey (ACS) data, stands at $1,628 per month. This indicates that the SAFMR is slightly higher than the actual market rent, which can be advantageous for landlords who participate in the program.
A voucher payment under Section 8 covers the difference between the tenant’s contribution and the SAFMR. Tenants typically pay 30% of their adjusted income towards rent, with the remaining amount covered by the voucher. For example, if a tenant’s monthly income is $1,000, they would contribute $300 towards rent. The utility allowance varies but is generally around $100-$150 per month for a two-bedroom unit. Therefore, for a two-bedroom apartment in ZIP 92548, the total voucher payment would be calculated as follows:
If the landlord charges $1720 per month, the voucher would cover the rest after the tenant’s contribution. With a $300 tenant contribution, the voucher would pay up to $1420. If the landlord includes a $100 utility allowance, the voucher payment would adjust accordingly, paying $1320 to cover the rent and utilities. This ensures that the landlord receives the SAFMR of $1720, even if the market rent is lower.
Given the SAFMR of $1720 and the local market rent of $1,628, landlords in ZIP 92548 can expect a surplus when renting to a Section 8 tenant. The surplus is the difference between the SAFMR and the local market rent. In this case, the typical surplus for a two-bedroom unit would be $92 per month, assuming the landlord charges the local market rent and the tenant contributes 30% of their income.
This surplus provides a buffer for landlords, ensuring that they receive a fair rental price above the current market rate without the risk of non-payment. It also makes participating in the Section 8 program financially viable, even in a competitive rental market where market rents might be lower than the SAFMR.
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.