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 | $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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,480 | $659,761 | 0.38% | F |
| 2BR | $2,920 | $786,866 | 0.37% | F |
| 3BR | $3,960 | $1,097,024 | 0.36% | F |
| 4BR | $4,730 | $1,823,015 | 0.26% | F |
| 5BR | $5,487 | $2,596,095 | 0.21% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP 92676, located in Silverado, CA, within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area, reveals several key points that are essential for landlords and small-portfolio investors. First, regarding the rent math, the comparison between the Fair Market Rent (FMR) and the market rent indicates a significant discrepancy. The FMR for the area is set at $2760 for fiscal year 2024, while the Census ACS reports a market rent of $2,103. This suggests that landlords may be able to charge above the market rate if they can justify higher rents based on property quality or location.
Second, the acquisition cost of properties in this area is high, with a median home value of $1,068,704. However, the lack of data on days on market (DOM) and the percentage of homes sold at a price cut makes it difficult to assess the ease of acquiring properties. Investors should conduct further research to understand the local real estate market dynamics and determine if acquisitions remain feasible despite the high median values.
Third, there is a notable but limited tenant demand in ZIP 92676. With a total population of 2,085 and a renter share of 12.8%, the number of potential renters is relatively small. This could pose challenges for landlords looking to maintain consistent occupancy rates. However, the small size of the area might also mean that rental properties are highly sought after due to limited options, potentially offsetting some of these concerns.
In conclusion, ZIP 92676 presents a mixed picture for investment. While the rent math leans favorably towards higher potential rental income compared to the market average, the high median home values indicate a challenging acquisition environment. Tenant demand is present but constrained by the small population size. For landlords willing to navigate these complexities, the area offers opportunities, especially if they can leverage the higher FMR to attract tenants willing to pay premium rents. However, the limited pool of renters necessitates careful consideration of the competition and market positioning.
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.