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 |
|---|---|---|---|---|
| 1BR | $1,600 | $187,721 | 0.85% | C |
| 2BR | $1,990 | $363,800 | 0.55% | F |
| 3BR | $2,630 | $475,966 | 0.55% | F |
| 4BR | $3,170 | $574,193 | 0.55% | F |
| 5BR | $3,677 | $679,951 | 0.54% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 92586, Menifee, CA, for fiscal year 2024 is set at $1790. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing choice voucher program. It's important to note that this is not the rent you will receive; it's the ceiling on what you can charge for your property under the program.
In comparison, the average market rent for Menifee is $2,287, according to the Zillow Rent Index (ZORI). This means that the FMR is significantly lower than the typical market rate, reflecting the government's aim to provide affordable housing options. However, this also implies that your income from a Section 8 tenant will be less than if you were renting to someone paying market rates.
The 28.2% renter share indicates that nearly one-third of the population in Menifee are renters, which suggests a reasonable demand for rental properties. Given the FMR, you can expect that a portion of these renters will be interested in Section 8 vouchers, increasing the pool of potential tenants who can afford to live in your property.
To understand the financial implications, consider that the median home value in Menifee is around $416,616. This figure represents the typical price for acquiring a property in this area. If you're looking to purchase a property for Section 8 tenancy, ensure that the FMR covers your mortgage, maintenance, and other costs associated with owning and managing a rental property.
Before making your decision, verify that your property meets all the necessary requirements for the Section 8 program. This includes passing a habitability inspection to ensure that the property is safe and in good condition for occupancy. The inspection criteria are designed to protect tenants, but they also serve to safeguard your investment against future issues.
Section 8 can be a stable source of income for landlords, especially those looking to enter the rental market without the risk of vacancy. However, it's crucial to balance the lower rent with the demand and the costs of maintaining a property to acceptable standards. With careful consideration and verification of your property's compliance, you can make an informed decision about whether Section 8 is right for your investment in Menifee.
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.