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 |
|---|---|---|---|---|
| 2BR | $2,920 | $636,328 | 0.46% | F |
| 3BR | $3,960 | $929,381 | 0.43% | F |
| 4BR | $4,730 | $1,105,176 | 0.43% | F |
| 5BR | $5,487 | $1,299,393 | 0.42% | F |
U.S. Census Bureau data (2024)
The ZIP code 92844, located in Garden Grove, CA, stands out within Orange County due to its unique demographic and economic characteristics. With a population of 23,188 residents, 59.5% of whom rent their homes, this area has a strong rental market. The median income for residents is $79,701, which is notably lower than the typical median home value of $945,124, indicating a significant disparity between income levels and housing costs.
This ZIP code offers a compelling opportunity for landlords and small-portfolio investors due to its voucher economics. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,520, while the market rent, measured by ZORI (Zillow Observed Rent Index), is $3,122. This means that landlords accepting Section 8 vouchers can expect to receive $2,520 per month, which is below the average market rent but still provides a steady stream of income. The gap between FMR and market rent suggests that there is potential for landlords to attract tenants who might otherwise struggle to afford housing in this expensive ZIP code.
The data signature for ZIP 92844 indicates a stable environment, characterized by a consistent demand for rental properties and a high percentage of renters. However, the significant difference between median income and median home value points towards a transitional nature, where affordability challenges could shift the dynamics of the housing market over time. For now, the combination of a robust rental market and the economic benefits of Section 8 vouchers makes this ZIP code an attractive investment opportunity for those looking to capitalize on Garden Grove's distinct housing landscape.
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.