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 | $457,854 | 0.54% | F |
| 2BR | $2,920 | $582,041 | 0.5% | F |
| 3BR | $3,960 | $934,155 | 0.42% | F |
| 4BR | $4,730 | $995,129 | 0.48% | F |
| 5BR | $5,487 | $1,139,183 | 0.48% | F |
U.S. Census Bureau data (2024)
Anaheim’s 92804 ZIP code is a dense, urban core defined largely by its proximity to major tourism and logistics hubs, specifically the Disneyland Resort complex just to the southwest. This neighborhood features a mix of mid-century single-family homes and multifamily properties, attracting a workforce that supports the region's massive service sector. Recent local revitalization efforts have focused on improving street infrastructure and public safety along Harbor Boulevard, a major thoroughfare that directly links residents to these employment centers and commercial amenities.
From a strictly numerical standpoint, the rent gap in 92804 requires careful navigation. The HUD Fair Market Rent (FMR) for a 2-bedroom unit stands at $2,880, while current market rents (Zillow ZORI) trail significantly at $2,401, creating a $479 spread that standard market tenants are unlikely to pay. However, property values remain high with a median home value of $940,831 and a median 2BR sales price of $569,021. With inventory moving briskly at a median of 29 days on market, investors are paying a premium for ownership that must be justified by higher, government-guaranteed rents rather than organic market appreciation.
The tenant profile here is heavily rental-oriented, with 58.0% of households renting and a median household income of $76,141. This income level suggests that while many residents are employed, they may still qualify for housing assistance in Orange County’s high-cost environment. The area is served by the Anaheim Union High School District and is well-connected via the Orange County Transportation Authority (OCTA) bus lines, providing essential non-driving connectivity for service-industry workers. These transit links and the density of rental stock create a consistent structural demand for affordable housing options.
The Section 8 verdict for 92804 leans heavily toward a cash-flow strategy. Because the $2,880 FMR exceeds the $2,401 market rent by a substantial margin, landlords accepting Housing Choice Vouchers can achieve premium yields that market-rate leases cannot support. Investors willing to navigate the inspection process can effectively outperform the local market, making this ZIP code a target for cash-flow-focused portfolios rather than speculative appreciation plays.
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.