Location: Santa Ana-Anaheim-Irvine, CA | Metro: Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,480 |
| 2 Bedrooms | $2,920 |
| 3 Bedrooms | $3,960 |
| 4 Bedrooms | $4,730 |
| 5 Bedrooms | $5,487 |
| 6 Bedrooms | $6,145 |
| 7 Bedrooms | $6,637 |
| 8 Bedrooms | $6,969 |
U.S. Census Bureau data (2024)
The ZIP code 92655 in California is predominantly a renter-heavy area, with 72.6% of its population renting homes. This high percentage indicates a strong demand for rental properties, particularly those that can accommodate Section 8 tenants. Given the median household income of $66,308, the average market rent of $1,609 represents approximately 24.2% of the monthly income. This suggests that typical rent eats up a significant portion of residents' earnings, making affordability a key concern.
Comparing the market rent to the Fair Market Rent (FMR) set at $2,290 for FY 2024, it's evident that the actual rents are below the FMR threshold. This discrepancy is favorable for landlords who wish to attract Section 8 tenants, as the lower rent aligns well with the subsidy caps, ensuring that tenants can afford their share of the rent.
In this ZIP code, landlords should expect a tenant profile characterized by individuals and families who rely on housing vouchers to secure affordable living spaces. The majority of these tenants will likely be working-class families, seniors, or disabled individuals whose income levels necessitate financial assistance to meet housing costs. Landlords will benefit from a robust demand for rental units, especially those priced competitively within the $1,609 range, which is well below the FMR and thus attractive to voucher holders.
To summarize, ZIP 92655 is an ideal location for landlords looking to cater to a large pool of Section 8 tenants. With over 70% of the population renting and a median income that makes up a substantial part of the typical rent, there is a clear need for affordable housing options. The lower market rent compared to the FMR ensures that landlords can effectively participate in the voucher program while maintaining occupancy rates.
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.