Location: Bakersfield-Delano, CA | Metro: Bakersfield-Delano, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,660 |
| 3 Bedrooms | $2,300 |
| 4 Bedrooms | $2,770 |
| 5 Bedrooms | $3,213 |
| 6 Bedrooms | $3,599 |
| 7 Bedrooms | $3,887 |
| 8 Bedrooms | $4,081 |
The Fair Market Rent (FMR) for ZIP code 93220 in fiscal year 2024 is set at $1230. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) to determine the maximum amount of rent assistance that a landlord can receive under the Section 8 program. It is important to note that this is not the amount you will charge tenants as rent; it's the ceiling for the subsidy.
To put this into perspective, let's compare it to the average market rent in the area. Unfortunately, the data for the average market rent in ZIP 93220 is currently unavailable. However, the FMR serves as a benchmark for what HUD considers reasonable rent for a moderate-quality dwelling unit in this ZIP code.
The percentage of renters in the area who could be eligible for Section 8 assistance is also marked as N/A, indicating that there might be significant demand for affordable housing options in ZIP 93220. This suggests that there are likely many potential tenants who would qualify for the Section 8 program.
Regarding the acquisition cost of a property in ZIP 93220, the data is also marked as N/A. This means that without specific information on property values, it's challenging to provide an exact figure for how much you might expect to pay for a rental property. However, understanding the local real estate market trends and comparing them with nearby ZIP codes can give you a better sense of the investment required.
Before proceeding with your first Section 8 rental in ZIP 93220, ensure that your property meets all the necessary inspection criteria. HUD requires that properties participating in the Section 8 program must pass a thorough inspection to meet minimum housing quality standards. This includes safety, health, and structural requirements. Failure to comply with these standards can result in penalties or disqualification from the program.
In summary, if you're considering a Section 8 rental in ZIP 93220, the $1230 FMR sets the limit for the subsidy you can receive. Despite the lack of specific data on local rents and property values, the potential demand for affordable housing is evident. The key to success lies in ensuring your property is up to code and ready for inspection.
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.