Location: Hanford-Corcoran, CA | Metro: Hanford-Corcoran, CA MSA
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 | $1,190 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,500 |
| 5 Bedrooms | $2,900 |
| 6 Bedrooms | $3,248 |
| 7 Bedrooms | $3,508 |
| 8 Bedrooms | $3,683 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,530 | $237,416 | 0.64% | D |
| 3BR | $2,120 | $304,034 | 0.7% | D |
| 4BR | $2,500 | $348,215 | 0.72% | D |
U.S. Census Bureau data (2024)
Investors often have reservations when considering properties in ZIP 93202, Armona, California. Here are some common concerns and how they align with the available data.
Will FMR $1,450 (zip FY 2024) cover the mortgage on a $306,527 home?
The Fair Market Rent (FMR) for a one-bedroom apartment in ZIP 93202 is set at $1,450 for fiscal year 2024. However, the average mortgage payment on a $306,527 home would typically exceed this amount, especially considering interest rates and property taxes. The data does not provide a comprehensive breakdown of these costs, but it's clear that relying solely on FMR would likely not cover the full mortgage payment. Investors should consider additional income sources or higher occupancy rates to offset this gap.
Is there enough renter demand at 44.5%?
The rental vacancy rate in ZIP 93202 stands at 44.5%. This high rate suggests a significant surplus of rental units relative to the number of renters. While a high vacancy rate can indicate low demand, it also presents an opportunity to attract tenants through competitive pricing or improvements. The data does not specify the exact number of renters or the reasons behind the high vacancy rate, but it's evident that there is room for improvement in attracting and retaining tenants.
Will vouchers keep pace with $1,278 market rents?
The average market rent in ZIP 93202 is $1,278. Vouchers are designed to help low-income families afford housing, but their value is often capped below market rates. Given the FMR of $1,450, landlords might expect that voucher holders can contribute up to this amount. However, the actual value of vouchers and their ability to cover the full rent is not specified in the data. It's important to note that while vouchers can be a reliable source of income, they may not fully match the market rent, leaving landlords to absorb the difference.
Investing in ZIP 93202 requires careful consideration of the financials and the local rental market dynamics. While there are challenges, such as covering mortgage payments and dealing with a high vacancy rate, there are also opportunities for those willing to invest in property improvements or offer competitive rental terms.
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.