Location: Santa Ana-Anaheim-Irvine, CA | Metro: Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,580 |
| 1 Bedroom | $2,610 |
| 2 Bedrooms | $3,060 |
| 3 Bedrooms | $4,160 |
| 4 Bedrooms | $4,970 |
| 5 Bedrooms | $5,765 |
| 6 Bedrooms | $6,457 |
| 7 Bedrooms | $6,974 |
| 8 Bedrooms | $7,323 |
The Section 8 program's impact in ZIP code 92607, located in Unknown, CA, is significant due to the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for ZIP 92607 in fiscal year 2024 is set at $2780. However, the market rent data is currently unavailable, which complicates a direct comparison.
In the absence of market rent figures, it's crucial to understand that when FMR exceeds the market rent, landlords can benefit from the program by receiving a guaranteed income level that might be higher than what they could get from non-subsidized tenants. This makes voucher tenants a strategic choice for maximizing rental yields. Conversely, if the market rent were higher than the FMR, landlords would need to consider the potential loss in revenue from accepting Section 8 tenants.
The median home value and median income in Unknown, CA, are also unknown, which means we cannot provide a precise percentage of renters or the exact economic context. Nevertheless, it's important to note that accepting Section 8 tenants comes with its own set of considerations. Landlords must ensure their properties meet Housing Quality Standards (HQS), which can involve additional maintenance costs. Moreover, the administrative burden of managing Section 8 properties includes regular inspections and compliance with HUD regulations.
Despite these challenges, the $2780 FMR provides a stable income source, which is particularly valuable in an uncertain economic environment. Landlords should weigh the benefits of steady rental income against the potential costs of maintaining properties at a higher standard and the time required for administration.
Data Sources: FMR data from HUD (2027).
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.