Section 8 Fair Market Rent (FMR) for ZIP 92555 - 2027

Investment Score for ZIP 92555

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	$2,120
1 Bedroom	$2,250
2 Bedrooms	$2,780
3 Bedrooms	$3,660
4 Bedrooms	$4,410
5 Bedrooms	$5,116
6 Bedrooms	$5,730
7 Bedrooms	$6,188
8 Bedrooms	$6,497

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	$2,780	$451,210	0.62%	D
3BR	$3,660	$561,818	0.65%	D
4BR	$4,410	$627,612	0.7%	D
5BR	$5,116	$684,610	0.75%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92555 (Moreno Valley, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Moreno Valley, CA, as of 2026, is set at $2930 for a two-bedroom unit. This amount represents 29.0% of the median household income in the area, which is $121,425. The FMR for a three-bedroom unit is $3880, and for a four-bedroom unit, it is $4680. However, these figures must be compared to actual rental prices to understand the dynamics of the market for Section 8 voucher holders. According to Zillow, the median price for a two-bedroom home in Moreno Valley is $447,964. Given that the price-to-FMR ratio is 12.7x, it suggests that actual rental prices are significantly higher than the FMR. For instance, if we assume a typical rental yield of 1% per month, the monthly rent for a $447,964 property would be approximately $4479.64, which is well above the FMR of $2930 for a two-bedroom unit. This means that landlords who accept Section 8 vouchers will have to cap their rent at the FMR level, leading to potential financial constraints. #### Affordability & Renter Profile The population of Moreno Valley is 45,978, with 24.4% of residents being renters. This indicates that there is a significant rental market, but it is not overwhelmingly dominated by renters. The occupancy rate stands at 96.5%, suggesting that the market is relatively tight, with few vacant units available. Given the median household income of $121,425, the FMR for a two-bedroom unit at $2930 is indeed affordable for many residents. However, the actual rental prices are much higher, making it challenging for low-income households to find affordable housing without assistance. The high price-to-FMR ratio of 12.7x implies that the market is skewed towards higher-end rentals, which may not be accessible to those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, Moreno Valley presents a mixed scenario. The FMR for a two-bedroom unit is $2930, while the median rental price based on Zillow data is approximately $4479.64. This discrepancy means that investors who rely solely on FMR rates will likely face lower cash flows compared to the market average. To determine the investment grade, we need to consider factors such as vacancy rates, rental yields, and the overall demand for rental properties. With a tight market and high occupancy rates, the demand for rental properties is strong. However, the limited number of units that can be rented at FMR levels might reduce the attractiveness for investors seeking higher returns. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units like one-bedroom or studio apartments where the FMR is lower ($2250 and $2360 respectively). These units are more likely to align with the actual rental prices and provide better cash flow opportunities for Section 8 voucher holders. 2. **Consider Renovation Projects**: Investors could look into purchasing older, less expensive properties and renovating them to meet the needs of low-income families. By doing so, they can potentially increase the value of the property while still maintaining affordability within the FMR guidelines. 3. **Explore Government Incentives**: Moreno Valley, being part of Riverside County, may offer government incentives for landlords who accept Section 8 vouchers. These incentives could include tax breaks, grants, or subsidies that help offset the lower rental income. Investigating these programs could make the investment more financially viable. #### Bottom Line For investors focusing specifically on Section 8 vouchers, Moreno Valley presents a challenging environment due to the high price-to-FMR ratio. While the market is tight and has strong demand, the limited ability to charge market rates restricts profitability. Therefore, the recommendation is to **Skip** this ZIP code unless you can identify specific opportunities to leverage smaller units or government incentives. If you decide to invest, ensure that your strategy accounts for the lower rental income and focuses on maximizing cash flow through efficient management and possibly property improvements.

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.