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 ZIP code 93118 in Santa Maria, California, stands out due to limited data availability. Specifically, there is no recorded number of residents, percentage of renters, median income, or median home value for this area. However, the Federal Market Rent (FMR) for ZIP 93118 is set at $2990 for fiscal year 2024, which serves as a critical benchmark for landlords and small-portfolio investors.
The FMR of $2990 is the maximum amount that landlords can charge tenants participating in the Section 8 program. This figure is crucial because it directly influences the rental income potential for properties enrolled in the program. Despite the lack of specific market rent data, landlords should ensure their rental rates align with this FMR to remain competitive and compliant with federal guidelines.
Given the absence of detailed economic indicators such as median income and home values, the data signature for ZIP 93118 is difficult to classify definitively as either stable or transitional. However, the reliance on FMR suggests a need for landlords to closely monitor local rental trends and adjust their strategies accordingly to maximize profitability while adhering to Section 8 requirements.
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.