Location: Salinas, CA | Metro: Salinas, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,770 |
| 1 Bedroom | $2,890 |
| 2 Bedrooms | $3,420 |
| 3 Bedrooms | $4,490 |
| 4 Bedrooms | $4,890 |
| 5 Bedrooms | $5,672 |
| 6 Bedrooms | $6,353 |
| 7 Bedrooms | $6,861 |
| 8 Bedrooms | $7,204 |
U.S. Census Bureau data (2024)
47.0% of residents in ZIP 93921 are renters, making it a prime location for landlords and small-portfolio investors. The $3980 Fair Market Rent (FMR) for zip code FY 2024 is significantly higher than the $2,753 average market rent reported by the Census Bureau's American Community Survey, indicating a strong demand for rental properties in this area. This discrepancy suggests that there is an opportunity for landlords to charge rents closer to the FMR without losing tenants. However, the lack of available data on median home value and days on market (DOM) means that the appreciation potential of property values cannot be accurately assessed at this time.
$96,923 is the median income for this ZIP code, which is a critical figure for evaluating the financial stability of potential tenants. Given the high renter share and the gap between the FMR and the actual market rent, landlords can expect steady occupancy rates. Additionally, the absence of data on the percentage of price-cut share indicates that there may not be significant downward pressure on rental prices, further supporting the idea that landlords can maintain or even slightly increase their rents without risking vacancies.
Investors should also consider the implications of the $3980 FMR for Section 8 housing vouchers. Landlords who participate in the Section 8 program can benefit from guaranteed rental income, albeit at a lower rate than the market might otherwise allow. The high demand for rentals combined with the relatively low market rent compared to the FMR makes ZIP 93921 a viable option for those interested in the Section 8 program.
Based on the available data, the verdict for Section 8 participation in ZIP 93921 is positive. The high renter share and demand for affordable housing make this a suitable area for landlords looking to stabilize their cash flow through the Section 8 program.
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.