Section 8 Fair Market Rent (FMR) for ZIP 92585 - 2027

Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA

Investment Score for ZIP 92585

Monthly Rent (2BR)

$2,610

Median Price (2BR)

$394,321

1% Rule

0.66%

Annual Yield

7.94%

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	$1,990
1 Bedroom	$2,120
2 Bedrooms	$2,610
3 Bedrooms	$3,440
4 Bedrooms	$4,140
5 Bedrooms	$4,802
6 Bedrooms	$5,378
7 Bedrooms	$5,808
8 Bedrooms	$6,098

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	$2,610	$394,321	0.66%	D
3BR	$3,440	$563,322	0.61%	D
4BR	$4,140	$627,456	0.66%	D
5BR	$4,802	$682,768	0.7%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

29,534

Median Household Income

$106,667

Housing Units

8,635

Renter Percentage

17.7%

Occupancy Rate

96.4%

Renter Occupied

1,470

To determine if a landlord should invest in ZIP 92585 (Menifee, CA) for Section 8 properties, follow these steps:

Step 1: Does FMR $2480 (FY 2024) cover debt service on a $598,616 property?
- No - The Fair Market Rent (FMR) of $2480 is unlikely to fully cover the debt service on a property valued at $598,616. Debt service typically includes mortgage payments, property taxes, insurance, and maintenance costs. Given the high property value, the monthly income from FMR would be insufficient to meet these obligations.
Step 2: Is the market rent ($2,792 ZORI) above, at, or below FMR?
- Above - The Zillow Observed Rent Index (ZORI) of $2,792 exceeds the FMR of $2480. This indicates that market rents are higher than what Section 8 tenants can pay, suggesting a potential need to subsidize the difference between the FMR and the actual market rent.
Step 3: Are 17.7% renters and a 59-day Days on Market (DOM) enough demand?
- It Depends - With 17.7% of residents being renters and an average DOM of 59 days, there is moderate demand for rental properties. However, the demand for Section 8 properties specifically may vary. The percentage of renters is relatively low, which could indicate limited overall demand. A DOM of 59 days suggests that properties take slightly over two months to rent, which is longer than desirable but not excessively long.

If the FMR does not cover debt service, the landlord should consider whether they can afford to subsidize the shortfall or if the investment aligns with their financial goals. If the market rent is above FMR, they must decide if they are willing to accept lower-than-market rates from Section 8 tenants. With moderate demand, the landlord should assess their ability to manage vacancies and the potential for finding Section 8 tenants in the area.

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.