Location: Santa Maria-Santa Barbara, CA | Metro: Santa Maria-Santa Barbara, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,480 |
| 1 Bedroom | $2,710 |
| 2 Bedrooms | $3,110 |
| 3 Bedrooms | $4,000 |
| 4 Bedrooms | $4,560 |
| 5 Bedrooms | $5,290 |
| 6 Bedrooms | $5,925 |
| 7 Bedrooms | $6,399 |
| 8 Bedrooms | $6,719 |
The analysis of ZIP code 93102 within the Santa Maria-Santa Barbara, CA Metropolitan Statistical Area (MSA) reveals key insights for landlords and small-portfolio investors.
The Fair Market Rent (FMR) for ZIP 93102 in fiscal year 2024 is set at $2990. However, due to the lack of specific market rent data, it's impossible to definitively conclude whether the rent math works. Landlords should ensure their rental rates align closely with the FMR to remain competitive and viable within the Section 8 program.
Regarding property acquisition, the median home value data is currently unavailable, making it difficult to assess affordability. Additionally, the days on market (DOM) and percentage of homes requiring price cuts also lack specific figures, leaving gaps in determining the ease or difficulty of acquiring properties at affordable prices.
Tenant demand in ZIP 93102 appears strong, though the exact population and percentage of renters are not specified. A robust demand for rentals is crucial for maintaining occupancy rates and ensuring steady cash flow for investors.
Verdict: ZIP 93102 presents opportunities for Section 8 landlords and small-portfolio investors, particularly given the strong tenant demand indicated by the high percentage of renters. However, the absence of critical data points such as market rent, median home values, days on market, and percentage of price cuts necessitates further investigation. Landlords must carefully consider the FMR of $2990 when setting rental rates to ensure they remain competitive and sustainable within the local market. Despite these uncertainties, the potential for stable occupancy and consistent income makes this ZIP code worth exploring for those willing to do additional research.
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.