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 | $2,520 |
| 1 Bedroom | $2,550 |
| 2 Bedrooms | $2,990 |
| 3 Bedrooms | $4,060 |
| 4 Bedrooms | $4,860 |
| 5 Bedrooms | $5,638 |
| 6 Bedrooms | $6,315 |
| 7 Bedrooms | $6,820 |
| 8 Bedrooms | $7,161 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,550 | $478,788 | 0.53% | F |
| 2BR | $2,990 | $688,070 | 0.43% | F |
| 3BR | $4,060 | $1,076,721 | 0.38% | F |
| 4BR | $4,860 | $1,394,402 | 0.35% | F |
| 5BR | $5,638 | $1,699,609 | 0.33% | F |
U.S. Census Bureau data (2024)
ZIP code 92869, located in Orange, CA, falls within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 92869 in fiscal year 2024 is set at $2770, while the average market rent stands at $3,857. This indicates that the FMR is significantly lower than the market rent, suggesting a potential value pocket for landlords and investors looking to serve tenants eligible for Section 8 assistance.
The median home value in ZIP 92869 is $1,223,117, which is notably higher than the typical home values within the broader Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area. However, the 27.1% renter share is relatively consistent with the average for the region, indicating a standard proportion of renters compared to homeowners.
The disparity between the FMR and market rent, coupled with the high median home value, points towards ZIP 92869 being a premium sub-market within the metro area. Despite the high cost of homeownership, the FMR remains competitive for those seeking rental properties under Section 8 guidelines. This suggests that there might be a limited supply of affordable housing units relative to demand, making it an attractive location for investors who can offer rentals within the FMR range.
A key observation is that the high renter share does not correspond with below-average home values, which typically signals a Section 8 sweet spot. Instead, the high median home value implies that the majority of housing stock is priced above what would be considered affordable for low-income households. Therefore, while ZIP 92869 offers opportunities for landlords and investors due to the substantial gap between FMR and market rents, it is not a traditional Section 8 sweet spot.
In conclusion, ZIP 92869 represents a premium sub-market within the Santa Ana-Anaheim-Irvine, CA HUD Metro FMR Area, characterized by high median home values and market rents, but with a reasonable FMR that could attract Section 8 tenants. Investors should focus on properties that can meet the FMR requirements to tap into this opportunity effectively.
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.