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 | $2,110 |
| 1 Bedroom | $2,240 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,640 |
| 4 Bedrooms | $4,380 |
| 5 Bedrooms | $5,081 |
| 6 Bedrooms | $5,691 |
| 7 Bedrooms | $6,146 |
| 8 Bedrooms | $6,453 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,760 | $523,727 | 0.53% | F |
| 3BR | $3,640 | $580,704 | 0.63% | D |
| 4BR | $4,380 | $651,609 | 0.67% | D |
| 5BR | $5,081 | $717,481 | 0.71% | D |
U.S. Census Bureau data (2024)
Menifee, specifically the 92584 ZIP code, is characterized by a suburban, master-planned community feel that appeals to families seeking space away from the coastal congestion. The area features a mix of newer residential developments and expanding retail centers, creating a self-contained environment. A major local employer and community hub is the Menifee Union School District, which drives consistent family relocation to the area as parents seek access to the local educational system. The city continues to develop its "Town Center" concept, adding commercial amenities that support the growing population.
From a financial perspective, the math for Section 8 investors requires close scrutiny of the rent ceilings against market realities. The HUD Full FMR for a 2-bedroom unit in FY2026 sits at $3,000, while the current Zillow market rent estimate is $2,891. This results in a positive gap of $109 in favor of the voucher, suggesting that voucher rates can compete with or slightly exceed open-market leases. However, acquisition costs are substantial, with a median home value of $629,872 and a specific median 2BR sale price of $525,120. With a median of 66 days on market, investors must account for longer holding periods during turnover or when stabilizing a property.
The tenant pool is defined by a relatively low renter share of 14.7% and a high median household income of $113,767. This demographic profile suggests a population that can generally afford market-rate housing, meaning voucher demand may be driven more by specific housing needs rather than broad economic distress. The local schools, often rated above average, serve as a key retention tool for families, potentially reducing tenant turnover. Given the income levels, the area attracts stable tenants, but landlords should verify that the rent levels justify the high acquisition price in a predominantly ownership-oriented community.
The strongest investor angle in Menifee 92584 is appreciation and stability rather than aggressive cashflow. While the $109 gap between the FMR ($3,000) and market rent ($2,891) is favorable, the high cost of entry ($629,872 median value) compresses yield percentages. Investors should target the 3BR and 4BR units where the FMR jumps to $3,970 and $4,790 respectively, capitalizing on the family-friendly neighborhood character to justify larger, premium assets. The high median income indicates a community that will maintain property standards, supporting long-term value growth.
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.