Location: Hanford-Corcoran, CA | Metro: Hanford-Corcoran, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 93246 for Section 8 purposes, follow this decision tree:
1) Does FMR $1370 (ZIP FY 2024) clear debt service on your property?
No: Do not invest in this ZIP code for Section 8 properties. The Fair Market Rent (FMR) of $1370 does not cover the necessary debt service payments.
Yes: Proceed to the next question.
2) Is market rent above, at, or below FMR?
Above FMR: If the market rent is higher than the FMR of $1370, then Section 8 tenants will not be able to afford the property. This makes it unsuitable for Section 8 investments.
At FMR: This ZIP code is perfectly aligned with Section 8 standards, making it an ideal location for acquiring such properties. Landlords can expect the FMR to cover the rental costs without significant loss.
Below FMR: Proceed to the final question.
3) Are the percentage of renters and the days on market (DOM) sufficient to meet demand?
% Renters + DOM indicate high demand: Invest in this ZIP code. High demand means that even though the market rent might be lower than the FMR, there is a strong likelihood of finding Section 8 tenants quickly.
% Renters + DOM indicate moderate demand: It depends on your investment strategy. If you are willing to wait longer for a tenant and accept a slightly lower occupancy rate, this ZIP code could still be viable. However, consider diversifying your portfolio to include other areas with higher demand.
% Renters + DOM indicate low demand: Do not invest in this ZIP code for Section 8 properties. Low demand suggests difficulties in attracting and retaining Section 8 tenants, which could lead to prolonged vacancies and financial losses.
Note: Specific percentages and DOM figures are required to make a definitive recommendation. Without these details, the analysis remains incomplete.
Data Sources: FMR data from HUD (2027). 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.