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 | $389,026 | 0.64% | D |
| 2BR | $2,920 | $640,446 | 0.46% | F |
| 3BR | $3,960 | $863,034 | 0.46% | F |
| 4BR | $4,730 | $916,483 | 0.52% | F |
| 5BR | $5,487 | $1,091,184 | 0.5% | F |
U.S. Census Bureau data (2024)
Anaheim’s 92801 zip code is a dense, urban core defined by its historic districts and high renter population. The neighborhood features the historic Anaheim Colony, where streets are lined with mature trees and classic Craftsman and Victorian homes, offering a character distinct from the city’s newer suburban tracts. This area is highly walkable and benefits from proximity to major transit corridors, including the Anaheim Regional Transportation Intermodal Facility (ARTIC), which connects residents to employment hubs throughout Orange County and Los Angeles.
Financially, investors must navigate a widening gap between subsidies and market rates. The HUD SAFMR for a 2-bedroom unit sits at $2,460, while current market rents (Zillow ZORI) reach $2,532, creating a negative gap of $72. This means standard voucher holders may fall short of full market value. Asset values remain high, with a median home price of $862,481 and a specific median 2BR sale price of $633,201. Properties move relatively quickly, with a median of 42 days on market, indicating active turnover despite pricing pressure.
Demand drivers are robust, supported by a 63.0% renter share and a median household income of $83,725. This income level suggests a working-class demographic that may qualify for or require housing assistance as cost-of-living pressures mount. The area is served by the Anaheim City School District and offers significant retail amenities along Harbor Boulevard, which caters to both residents and the massive tourist workforce employed nearby by Disneyland Resort.
The Section 8 verdict leans toward stability and appreciation over immediate cash flow. Because the 2BR HUD payment is $72 below market, relying solely on vouchers for maximum yield is difficult. However, the high median income and limited supply of housing in this historic enclave support long-term asset appreciation. Investors should view Section 8 here as a hedge against vacancy rather than a premium rent strategy.
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.