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 ZIP code 92702 in Orange County, California, stands out due to limited public data regarding its specific demographics, including the number of residents, percentage of renters, median income, and median home value. This scarcity of information makes it challenging to provide a detailed analysis of the area's economic stability or transitional nature based on standard metrics.
However, the Federal Market Rent (FMR) for ZIP 92702 is set at $2780 for fiscal year 2024. While the exact market rent figures for the area are not available, this FMR serves as a benchmark for landlords and small-portfolio investors who accept Section 8 vouchers. The FMR is determined by HUD to ensure that rental assistance covers a reasonable range of housing costs without being excessively high or low compared to local market conditions.
In the absence of precise market rent data, the FMR can be used to gauge the affordability and demand for rental properties within the ZIP code. For landlords participating in the Section 8 program, this figure indicates the maximum amount that HUD will pay towards a tenant's rent, assuming the unit meets the required standards and size criteria.
The lack of comprehensive demographic and economic indicators suggests that ZIP 92702 could be either stable or transitional, depending on broader trends in the surrounding areas of Santa Ana, Anaheim, and Irvine. Stability would imply consistent economic conditions and a steady demand for rental properties, while a transitional phase might suggest changes in population dynamics or economic shifts that could affect the housing market.
To make informed decisions, landlords and investors should consider conducting further research into the specific neighborhood characteristics and trends within ZIP 92702. This includes looking at recent developments, local employment opportunities, and any planned infrastructure projects that could influence the area's future economic landscape.
Given the current data signature, ZIP 92702 appears to be a region where landlords and investors must rely on the FMR of $2780 as a key reference point, while also being prepared to adapt to potential changes in the local market. The scarcity of detailed economic data points towards a need for caution and thorough investigation before making significant investments or policy decisions.
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.