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 | $502,232 | 0.49% | F |
| 2BR | $2,920 | $753,671 | 0.39% | F |
| 3BR | $3,960 | $942,924 | 0.42% | F |
| 4BR | $4,730 | $1,301,590 | 0.36% | F |
| 5BR | $5,487 | $1,619,164 | 0.34% | F |
U.S. Census Bureau data (2024)
The Fullerton area, specifically ZIP code 92833, presents a complex rental market scenario for both tenants and landlords. The median household income stands at $114,176, which might initially suggest a robust financial capability among residents. However, when juxtaposed against the market rate rent of $3,116 (ZORI), it becomes evident that affordability remains a significant issue.
A household earning the median income would spend approximately 36% of their monthly earnings on the average market rent. This figure is notably higher than the recommended guideline of no more than 30% of income allocated towards housing costs. Therefore, the $3,116 market rate places considerable strain on typical households.
In contrast, the Housing Choice Voucher Program offers a more affordable alternative, with the Fair Market Rent (FMR) set at $2,400 for the fiscal year 2024. This amount represents a more manageable 21% of the median income, making it a viable option for many residents. Given that 44.2% of the 51,842 population are renters, the demand for affordable housing is substantial.
The affordability gap between the ZORI and the FMR has several implications for landlords. It means that there is a segment of the rental market where properties priced at or near the FMR will face less competition compared to those priced at the market rate. Landlords who accept vouchers can attract a steady stream of tenants who are financially supported to meet the FMR threshold.
For landlords considering their strategy, accepting vouchers can be a prudent move to ensure consistent occupancy and avoid prolonged vacancy periods. While the cash flow might be slightly lower than renting at market rates, the stability offered by the voucher program can outweigh the risks associated with higher rental prices and potential tenant turnover.
Ultimately, landlords in Fullerton must weigh the benefits of higher market rents against the security and demand provided by the voucher program. The choice should be guided by an understanding of the local economic conditions and the competitive landscape within the ZIP code.
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.