Location: Salinas, CA | Metro: Salinas, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,970 |
| 1 Bedroom | $2,020 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,560 |
| 5 Bedrooms | $4,130 |
| 6 Bedrooms | $4,626 |
| 7 Bedrooms | $4,996 |
| 8 Bedrooms | $5,246 |
U.S. Census Bureau data (2024)
The ZIP code 93920 is heavily weighted towards renters, with 63.3% of the population renting their homes. This indicates a strong potential for Section 8 tenants, given the high percentage of renters who are likely to rely on housing vouchers. The median household income in this area is $76,542, which provides a baseline for understanding the financial capacity of potential tenants.
The average market rent in ZIP 93920 is $1,116. To put this into perspective, this represents approximately 14.6% of the median household income when considering a monthly basis. This suggests that the typical rent is relatively affordable compared to the local income levels, making it feasible for many residents to cover their rental expenses without significant strain.
The Fair Market Rent (FMR) for ZIP 93920, as set for FY 2024, is $2,830. This figure is significantly higher than the actual market rent, indicating that the FMR may not accurately reflect the current rental market conditions in this area. Landlords should be aware of this discrepancy when setting rents or evaluating the value of housing vouchers.
A landlord in ZIP 93920 can expect a tenant profile characterized by individuals and families who are likely to have lower incomes relative to the median household income. These tenants will likely benefit from Section 8 vouchers, which can help them afford housing in an otherwise potentially unaffordable market. The high percentage of renters also suggests that there is a robust demand for rental properties, especially those that accept housing vouchers.
In conclusion, ZIP 93920 presents itself as a viable market for landlords willing to accept Section 8 tenants. With over 60% of the population renting, there is a substantial pool of potential voucher users. The average rent of $1,116 consumes only about 14.6% of the median income, making it a manageable expense for most residents. However, landlords must be prepared for a tenant base that relies on housing assistance to meet their rental obligations.
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.