Location: Santa Ana-Anaheim-Irvine, CA | Metro: Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area
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 | $3,670 |
| 1 Bedroom | $3,710 |
| 2 Bedrooms | $4,350 |
| 3 Bedrooms | $5,910 |
| 4 Bedrooms | $7,060 |
| 5 Bedrooms | $8,190 |
| 6 Bedrooms | $9,173 |
| 7 Bedrooms | $9,907 |
| 8 Bedrooms | $10,402 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $4,350 | $1,134,790 | 0.38% | F |
| 3BR | $5,910 | $1,767,032 | 0.33% | F |
| 4BR | $7,060 | $3,009,962 | 0.23% | F |
| 5BR | $8,190 | $4,791,452 | 0.17% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 92603 in Irvine, California, for fiscal year 2024 is set at $3,920. This figure represents the maximum amount that a landlord can receive through the Section 8 program for renting a unit in this area. It is important to note that this is not the rent you will charge your tenants; it is the benchmark used by the government to determine the subsidy amount.
In comparison, the local Zillow Observed Rental Index (ZORI) for the same area is currently at $3,966. This indicates that the market rent is slightly higher than the FMR, suggesting that landlords might need to adjust their expectations for subsidies if they wish to remain competitive in the rental market.
The renter share in ZIP 92603 stands at 45.0%. This means that nearly half of the residents in this area are renters, which highlights a strong demand for rental properties. The high renter share suggests that there is a significant portion of the population who could potentially benefit from Section 8 housing assistance, making it a viable option for landlords.
To put the financial aspect into perspective, the median home value in this ZIP code is around $2,405,467. This high figure underscores the substantial investment required to acquire property in Irvine. However, the Section 8 program can help mitigate some of the risks associated with such an investment by providing a guaranteed source of income through the government subsidy.
Before proceeding with a Section 8 rental, it is crucial to verify that your property meets all the necessary qualifications and standards set by the local housing authority. This includes ensuring that your rental unit is up to code and passes any required inspections. This step is essential to avoid any delays or complications in the process of becoming a Section 8 landlord.
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.