Section 8 Fair Market Rent (FMR) for ZIP 92802 - 2027

Investment Score for ZIP 92802

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,920	$640,148	0.46%	F
3BR	$3,960	$924,056	0.43%	F
4BR	$4,730	$1,026,682	0.46%	F
5BR	$5,487	$1,202,608	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92802 (Anaheim, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92802 is set by HUD for 2026. The FMR values are as follows: - 0BR: $2380 - 1BR: $2440 - 2BR: $2870 - 3BR: $3900 - 4BR: $4650 These FMRs represent the maximum rent that a Section 8 voucher holder can pay. However, actual rents in Anaheim can be significantly higher. For instance, the Zillow median price for a 2BR unit is $640,474, which translates to a monthly rental cost of approximately $2870 based on typical mortgage rates and property tax assumptions. This means that the actual rental cost for a 2BR unit is exactly equal to the FMR, leaving little room for negotiation or additional amenities. The constraints for voucher holders are clear: they must find units that do not exceed the FMR. In a market where the median rental price for a 2BR unit is already at the FMR level, finding affordable housing becomes challenging. Landlords who accept vouchers often face limitations on how much they can charge, which may impact their willingness to participate in the program. #### Affordability & Renter Profile ZIP code 92802 has a population of 43,132, with 63.2% of residents being renters. This indicates a strong demand for rental properties. The occupancy rate stands at 96.1%, suggesting that the market is relatively tight with few vacant units available. Given that 2BR units have a median price of $640,474, the price-to-FMR ratio is 18.6x, meaning that the median home value is nearly 19 times the FMR for a 2BR unit. This high ratio underscores the significant disparity between home values and rental costs, making it difficult for low-income families to afford housing in this area. The median household income in 92802 is $84,419, and the FMR for a 2BR unit represents 40.8% of this income. This percentage is well above the threshold typically considered affordable, which is around 30% of household income. Therefore, the market is not particularly affordable for low-income households, and many renters may struggle to find suitable housing without assistance. #### Investor Angle From an investor perspective, the key question is whether the ZIP code offers cash-flow positive opportunities at the FMR levels. Given the Zillow median price for a 2BR unit is $640,474, the monthly rental cost would need to cover mortgage payments, property taxes, insurance, maintenance, and other expenses. Assuming a typical mortgage rate of 4.5% and a down payment of 20%, the monthly mortgage payment for a $640,474 home would be approximately $2870. Adding property taxes (at 1% of the home value), insurance, and maintenance costs, the total monthly expense could easily exceed $3000. This exceeds the FMR for a 2BR unit, indicating that landlords accepting vouchers would likely incur losses unless they can secure lower-cost financing or reduce other expenses. The investment grade for this ZIP code is moderate to low due to the tight rental market and the high price-to-FMR ratio. Investors looking to capitalize on Section 8 vouchers should carefully consider the financial implications and potential risks associated with operating at or near the FMR. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors might want to focus on smaller units such as 0BR or 1BR apartments. These units have FMRs of $2380 and $2440 respectively, which are below the Zillow median price for a 2BR unit. Smaller units are generally easier to finance and maintain, potentially offering better cash flow. 2. **Seek Out Lower-Cost Properties**: Investors should look for properties that are priced below the Zillow median. A 2BR unit priced at $500,000 would have a monthly mortgage payment of about $2400, which is closer to the FMR. This would provide a more manageable financial burden and potentially allow for a small profit margin. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 92802 is to **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to achieve positive cash flow while adhering to the FMR guidelines. Investors seeking stable returns should consider other ZIP codes with more favorable conditions for Section 8 rentals.

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.