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 93120, located within the Santa Maria-Santa Barbara, CA MSA, has a Fair Market Rent (FMR) of $2990 for fiscal year 2024. This figure represents the median rental cost for a two-bedroom apartment, which is used as a benchmark for determining eligibility for housing assistance programs such as Section 8.
Comparatively, typical ZIP codes within the Santa Maria-Santa Barbara, CA MSA have varying market rents and home values, but specific data for those metrics is not available for ZIP 93120. The lack of market rent and home value data suggests that 93120 may be less developed or less frequently analyzed than other areas within the metro. However, the FMR of $2990 can still provide insight into the rental landscape of the area.
The absence of a reported renter share percentage indicates that there isn't a significant concentration of renters relative to homeowners in 93120. This could imply that the area leans towards a homeowner-dominated community, although this inference is speculative due to the missing data points.
To determine if 93120 is a value pocket, a mid-tier neighborhood, or a premium sub-market within the Santa Maria-Santa Barbara, CA MSA, we must consider the context of the FMR. If the FMR of $2990 is lower than the average FMR across the metro, it might indicate that 93120 is a value pocket where rental properties could attract tenants seeking affordable housing options. Conversely, if the FMR is on par with or slightly above the average, it would suggest that 93120 is a mid-tier neighborhood. A higher-than-average FMR could signal that it's a premium sub-market, though this is unlikely given the absence of higher market rent and home value figures.
The key to identifying a Section 8 sweet spot lies in the interplay between renter share and home values. Since both these figures are not provided, we cannot definitively state that 93120 is a sweet spot for Section 8 investments based solely on the FMR. Landlords and small-portfolio investors should conduct further research to understand the local rental market dynamics and the potential for Section 8 tenancy in this area.
In conclusion, while the FMR of $2990 provides a starting point for analysis, the lack of comprehensive data on market rent and home values makes it challenging to categorize 93120 as a value pocket, a mid-tier neighborhood, or a premium sub-market. Additional investigation is recommended to make informed decisions about investment opportunities within this ZIP code.
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.