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 Fair Market Rent (FMR) for ZIP 93928 in fiscal year 2024 is set at $2,880. However, the median home value and market rent figures are not available for precise comparison. Despite this, the ZIP code's median home value is recorded as $269,000, indicating a relatively affordable entry point for investment properties.
Given the absence of specific market rent data, we can infer that the lower median home value might correlate with more manageable mortgage payments, thus potentially allowing for higher rental yields when compared to the FMR. This makes ZIP 93928 a stable choice for landlords and small-portfolio investors looking to secure steady cash flow through Section 8 vouchers.
A cash-flow anchor serves to stabilize a portfolio by providing reliable income streams. ZIP 93928, with its reasonable median home value, can offer this stability. Landlords can leverage the FMR to ensure they receive adequate compensation for their properties, even if the local rental market does not provide extensive data points for comparison.
While appreciation plays and diversifiers may require more specific metrics like price-cut share and median income, the primary focus on cash flow in ZIP 93928 is clear. The low median home value suggests that this area can attract tenants who rely on government assistance, making it a suitable location for Section 8 properties.
To summarize, ZIP 93928 is best categorized as a cash-flow anchor within a Section 8 portfolio strategy, given its FMR of $2,880 and a median home value of $269,000. This positioning allows investors to benefit from consistent rental income without the need for speculative growth or diversification strategies.
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.