Section 8 Fair Market Rent (FMR) for ZIP 92879 - 2027

Investment Score for ZIP 92879

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,010
1 Bedroom	$2,140
2 Bedrooms	$2,640
3 Bedrooms	$3,480
4 Bedrooms	$4,190
5 Bedrooms	$4,860
6 Bedrooms	$5,443
7 Bedrooms	$5,878
8 Bedrooms	$6,172

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,140	$332,528	0.64%	D
2BR	$2,640	$469,192	0.56%	F
3BR	$3,480	$665,925	0.52%	F
4BR	$4,190	$756,879	0.55%	F
5BR	$4,860	$909,348	0.53%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 92879 (Corona, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 92879 in Corona, CA, is set by HUD for 2026. For a two-bedroom unit, the FMR is $2790. This amount represents 36.3% of the median household income of $92,229, which indicates that it is relatively affordable for families earning close to the median income. However, when comparing the FMR to actual rental prices, there is a significant discrepancy. The Zillow median price for a two-bedroom unit in this ZIP code is $469,710, which translates to a monthly rent of approximately $1874 based on a typical mortgage payment formula (assuming a 4.5% interest rate and a 20-year amortization). The price-to-FMR ratio of 14.0x suggests that actual rental prices are much higher than the FMR, creating a challenge for Section 8 voucher holders who can only pay up to the FMR. Therefore, voucher holders are constrained to finding units that are priced at or below $2790 per month, which is significantly lower than the market average. #### Affordability & Renter Profile With a population of 49,317, 43.4% of residents are renters, indicating a substantial demand for rental housing. The occupancy rate of 97.4% suggests that the market is tight, with few vacancies available. Given the high proportion of renters and the limited supply of units, the competition for affordable housing is intense. The median household income of $92,229 is relatively high compared to the national average, but the cost of living in Corona is also elevated, particularly due to the high median home value. The FMR for a three-bedroom unit is $3690, which is still a considerable portion of the median income, highlighting the affordability challenges faced by many residents. The tight market conditions mean that landlords have the upper hand, and they can charge higher rents without fear of losing tenants. #### Investor Angle From an investor perspective, the ZIP code 92879 offers both opportunities and challenges. The FMR for a two-bedroom unit is $2790, while the actual market rent is likely much higher given the Zillow median price. To determine if the ZIP code is cash-flow positive at FMR, we need to consider the typical rental yields in the area. Assuming a conservative rental yield of 5%, a property valued at $469,710 would generate a monthly rent of about $1957. This is well below the FMR of $2790, suggesting that investors could potentially achieve positive cash flow by renting to Section 8 voucher holders. However, the investment grade would be moderate to low due to the high price-to-FMR ratio, indicating that the property values are significantly above what HUD deems fair for rental purposes. Investors should be cautious about relying solely on Section 8 vouchers for their rental income, as the number of available vouchers is limited and the reimbursement process can be slow. #### Specific Actionable Insights 1. **Focus on Units Below FMR**: Given the high price-to-FMR ratio, investors should focus on acquiring properties that are priced below the FMR. For example, a two-bedroom unit priced at $2790 or less would be ideal for attracting Section 8 voucher holders. This strategy would ensure that the property remains competitive and attractive to potential tenants. 2. **Consider Multi-Family Properties**: Single-family homes may be too expensive for Section 8 voucher holders, but multi-family properties like duplexes or small apartment buildings might offer better opportunities. These properties often have lower per-unit costs, making them more feasible to rent out at FMR rates. Additionally, multi-family properties can provide diversification and reduce the risk associated with relying on a single tenant. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can be beneficial for investors looking to rent to Section 8 voucher holders. Understanding the local demand for vouchers and the processes involved can help streamline the leasing process and ensure steady income. It’s also important to stay updated on any changes in voucher availability or policies that could affect the rental market. #### Bottom Line For Section 8-focused investors, the ZIP code 92879 presents a mixed picture. While the high median household income and strong demand for rental housing suggest a robust market, the tight conditions and high price-to-FMR ratio indicate that finding properties priced at or below FMR will be challenging. The recommendation for this ZIP code is to **Hold**. Investors should carefully evaluate the specific properties they are considering and ensure that they are priced appropriately to attract Section 8 voucher holders. Focusing on multi-family properties and engaging with local housing authorities can mitigate some of the risks associated with this investment strategy. However, the overall market dynamics make it difficult to achieve consistent positive cash flow purely through Section 8 vouchers, necessitating a diversified approach to rental income.

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.