Section 8 Fair Market Rent (FMR) for ZIP 92838 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 92838, located in Riverside County, California, is part of a suburban area characterized by its residential neighborhoods and proximity to larger urban centers. This region offers a mix of single-family homes and apartments, making it suitable for both homeowners and renters. The following analysis provides key insights into the rental market, focusing on the Federal Market Rent (FMR) and other relevant metrics.

• Federal Market Rent (FMR): The FMR for ZIP 92838 in fiscal year 2024 is set at $2780. This figure represents the estimated fair market rent for a two-bedroom apartment and serves as a benchmark for rental pricing in the area.
• Market Rent: Data on the current market rent for ZIP 92838 is currently unavailable. However, the FMR can be used as a reference point for setting competitive rental rates.
• Median Home Value: The median home value in ZIP 92838 is also not available at this time. This metric would provide insight into the overall housing market and could affect the rental market dynamics.
• Renter Share: The percentage of residents who are renters in ZIP 92838 is unknown. Understanding the renter share helps in assessing the demand for rental properties.
• Days on Market (DOM): The average days on market for rental listings in ZIP 92838 is not available. A shorter DOM indicates a robust rental market where properties are quickly occupied.
• Median Income: The median income for ZIP 92838 is currently unavailable. Knowing the median income can help determine the affordability of the $2780 FMR and the potential tenant pool's ability to pay rent.

In summary, while some critical data points such as the current market rent and median home value are missing, the FMR of $2780 for ZIP 92838 provides a solid baseline for rental pricing. Landlords and small-portfolio investors should consider the FMR as a guide but also be prepared to adjust based on local conditions and demand. The lack of specific data on the renter share and median income suggests a need for further research to fully understand the economic profile of the area, which is essential for making informed investment 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.