Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,980 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,420 |
| 4 Bedrooms | $4,150 |
| 5 Bedrooms | $4,814 |
| 6 Bedrooms | $5,392 |
| 7 Bedrooms | $5,823 |
| 8 Bedrooms | $6,114 |
U.S. Census Bureau data (2024)
The ZIP code 92587, located in Menifee, CA, has a population of 18,218 residents, with 18.4% being renters. This indicates that the area is primarily dominated by homeowners rather than renters. The median household income stands at $104,290, which is relatively high compared to the national average. Given these figures, it's evident that while there is a renter presence, the demand for Section 8 vouchers is likely not as deep as in areas with higher percentages of renters.
The market rent in this area is $2,233, which equates to about 21.4% of the median household income. This percentage suggests that the typical rent is manageable for most households in Menifee, without necessarily requiring rental assistance programs like Section 8. However, the Fair Market Rent (FMR) set by HUD for FY 2024 is $2,800, indicating that the market rent is below the FMR threshold, which could make it more attractive for tenants seeking rental assistance.
A landlord in Menifee should expect a mix of tenants, including those who might qualify for Section 8 vouchers due to lower incomes within the broader community. These tenants would typically have an income around 30-50% of the area median income, which in Menifee would be approximately $31,287 to $52,145 annually. While the overall renter population is not large, the gap between market rent and FMR creates an opportunity for landlords to attract tenants with vouchers, especially those who might otherwise struggle to afford housing in this area.
Data Sources: FMR data from HUD (2027). 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.