Location: Bakersfield-Delano, CA | Metro: Bakersfield-Delano, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,080 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,940 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
U.S. Census Bureau data (2024)
A household in ZIP code 93283, with a median income of $48,053, faces significant challenges in affording the market rate rent of $1,089. This amount represents a substantial portion of their income, making it difficult for many residents to secure housing without financial assistance.
The Federal Market Rent (FMR) for ZIP 93283 in fiscal year 2024 stands at $1,030. This figure is slightly below the current market rate but still high relative to the median income. The difference between the market rate ($1,089) and the FMR ($1,030) indicates a narrow margin where landlords might find themselves competing for tenants who can either pay the full market rate or accept the FMR payment through a housing voucher.
With only 18.7% of the 2,326 population being renters, the competition among landlords is likely to be fierce. The limited number of potential tenants means that landlords must carefully consider their rental pricing and tenant selection strategies to ensure occupancy and maintain cash flow.
The affordability gap suggests that landlords should seriously consider accepting housing vouchers as part of their rental strategy. While vouchers pay $1,030, which is less than the market rate, they can help fill vacancies and provide a steady stream of income. Accepting vouchers can also broaden the pool of potential tenants, reducing the risk of vacancies and the associated costs.
In conclusion, for landlords and small-portfolio investors in ZIP 93283, adopting a flexible approach that includes both cash-paying tenants and those using housing vouchers is essential. This dual strategy will help manage the competition for tenants and ensure a stable income stream given the challenging affordability conditions in the area.
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.