Location: Riverside-San Bernardino-Ontario, CA | Metro: Riverside-San Bernardino-Ontario, CA MSA
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 | $1,760 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $3,050 |
| 4 Bedrooms | $3,700 |
| 5 Bedrooms | $4,292 |
| 6 Bedrooms | $4,807 |
| 7 Bedrooms | $5,192 |
| 8 Bedrooms | $5,452 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,280 | $692,329 | 0.33% | F |
| 3BR | $3,050 | $829,341 | 0.37% | F |
| 4BR | $3,700 | $988,634 | 0.37% | F |
| 5BR | $4,292 | $1,184,237 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 92860, located in Norco, California, presents an interesting scenario for both renters and landlords. The median household income in this area stands at $127,780. Considering the market rate rent, known as the Zillow Rent Index (ZORI), is $3,550, it becomes evident that a significant portion of households could afford these rental rates without financial strain. However, the comparison shifts when we look at the federal payment standard for housing vouchers, which is set at $2,660 for fiscal year 2024.
This discrepancy highlights an affordability gap for those relying on housing vouchers. While the median income suggests that many residents can pay the market rate, the voucher payment standard is notably lower. Given that only 18.9% of the population are renters and the total population is 25,109, the number of potential voucher recipients is limited. This limitation means that landlords might face less competition from voucher holders compared to other areas with higher percentages of renters.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: Norco, CA offers a market where many households can afford the ZORI. However, landlords who choose to accept vouchers will have a smaller pool of tenants to select from, given the lower payment standard and fewer renters overall. Landlords should weigh the benefits of steady government payments against the potential for higher rental income from cash-paying tenants. In conclusion, while the voucher strategy is viable, the cash-pay option appears more lucrative due to the higher average income and willingness to pay market rates in Norco, CA.
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.