Location: Mono County, CA | Metro: Inyo County, CA
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 | $1,340 |
| 1 Bedroom | $1,540 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $3,170 |
| 5 Bedrooms | $3,677 |
| 6 Bedrooms | $4,118 |
| 7 Bedrooms | $4,447 |
| 8 Bedrooms | $4,669 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,540 | $516,812 | 0.3% | F |
| 2BR | $1,920 | $765,004 | 0.25% | F |
| 3BR | $2,370 | $1,096,199 | 0.22% | F |
| 4BR | $3,170 | $1,445,960 | 0.22% | F |
| 5BR | $3,677 | $2,089,076 | 0.18% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 93546, Mammoth Lakes, CA, provides insight into the potential returns for landlords and small-portfolio investors. The Fair Market Rent (FMR) for a two-bedroom apartment in the metro area for fiscal year 2026 is set at $1,670 per month. This translates to an annual rent of $20,040. In contrast, the Zillow Observed Rent Index (ZORI) indicates that the market rent for a similar unit is $3,350 per month, or $40,200 annually.
To derive the gross yield, we compare these rental figures against the median home value of $816,784. For the Section 8 scenario, the implied gross yield is approximately 2.45%. This calculation is derived by dividing the annualized FMR ($20,040) by the median home value ($816,784).
For the market rent scenario, the implied gross yield jumps to about 4.92%. This figure is obtained by dividing the annualized market rent ($40,200) by the median home value ($816,784).
The disparity between these two yields reflects the significant difference in rental income between Section 8 and market rents. However, considering the 39.7% renter density and the 47-day days-on-market (DOM), the market rent scenario appears more realistic. A 47-day DOM suggests that properties are generally rented quickly, indicating a strong demand in the area. Given the relatively low renter density, landlords may find it easier to attract tenants willing to pay market rates rather than relying solely on Section 8 vouchers.
In summary, while the Section 8 gross yield of 2.45% is achievable, the higher market rent gross yield of 4.92% offers a more attractive return on investment for ZIP 93546. Investors should consider these figures when evaluating the potential profitability of their investments in Mammoth Lakes, CA.
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.