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 | $3,620 |
| 1 Bedroom | $3,660 |
| 2 Bedrooms | $4,290 |
| 3 Bedrooms | $5,830 |
| 4 Bedrooms | $6,960 |
| 5 Bedrooms | $8,074 |
| 6 Bedrooms | $9,043 |
| 7 Bedrooms | $9,766 |
| 8 Bedrooms | $10,254 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $4,290 | $2,561,663 | 0.17% | F |
| 3BR | $5,830 | $3,965,288 | 0.15% | F |
| 4BR | $6,960 | $6,353,270 | 0.11% | F |
| 5BR | $8,074 | $7,920,687 | 0.1% | F |
U.S. Census Bureau data (2024)
ZIP code 92625, located in Newport Beach, CA, falls within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 92625 is set at $4170 for fiscal year 2024, which is notably lower than the market rent of $9,005. This indicates that while the HUD considers rents up to $4170 as fair, actual market conditions charge significantly more.
The median home value in ZIP 92625 is $4,187,825, positioning it as one of the premium sub-markets within the larger metro area. Typically, ZIP codes in this HUD Metro FMR Area have lower median home values, reflecting a broader range of housing options including more affordable units. However, the high median home value in 92625 suggests a concentration of high-end residential properties.
The renter share in ZIP 92625 stands at 39.1%, which is higher than many other ZIP codes in the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area. This high proportion of renters combined with above-average home values could imply that there is a significant demand for rental properties relative to ownership opportunities in this area.
When comparing these figures to typical ZIP codes within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area, it's clear that ZIP 92625 is not a value pocket but rather a premium sub-market. The substantial difference between the FMR and market rent highlights an opportunity for landlords who can offer rental units at or near the FMR rate, catering to tenants eligible for Section 8 assistance.
However, given the high median home value and significant renter share, ZIP 92625 does not represent a typical Section 8 sweet spot where low home values and high renter shares signal potential for affordable rental investments. Instead, it showcases a unique scenario where a premium location might still attract Section 8 participants due to the scarcity of affordable ownership options.
To summarize, ZIP 92625 is a premium sub-market within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area. Landlords and small-portfolio investors should consider the high median home value and significant renter share when evaluating investment opportunities in this ZIP code.
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.