Location: Salinas, CA | Metro: Salinas, CA MSA
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 | $1,970 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,430 | $595,446 | 0.41% | F |
| 3BR | $3,270 | $847,171 | 0.39% | F |
| 4BR | $3,560 | $986,592 | 0.36% | F |
| 5BR | $4,130 | $1,341,673 | 0.31% | F |
U.S. Census Bureau data (2024)
The ZIP code 93933, located in Marina, CA, presents an interesting scenario when analyzing housing affordability from the renter's perspective. The median household income in this area stands at $99,826, which is significantly higher than the national average. However, the market rate rent, measured by the Zillow Observed Rent Index (ZORI), is $3,254 per month. This high rent contrasts sharply with the Fair Market Rent (FMR) set by the Department of Housing and Urban Development (HUD) at $2,670 for fiscal year 2024.
To put this into perspective, a household earning the median income would spend nearly 39% of their monthly income on rent at the market rate, which is quite a substantial portion. On the other hand, if they were to receive a Section 8 voucher, they would only need to pay approximately 30% of their income towards rent, with the rest subsidized by the government. This makes the voucher payment standard much more affordable for the average household in Marina.
Given that 57.0% of the population are renters and the total population is 28,122, the affordability gap has significant implications for landlord competition. Landlords who accept Section 8 vouchers can tap into a segment of the market that might otherwise be unable to afford local rents. In fact, the difference between the ZORI and the FMR is $584, indicating that there is a considerable cost savings for those who qualify for vouchers.
The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting Section 8 vouchers can be a strategic move to attract tenants who might struggle to pay the market rate. While the voucher amount is lower than the market rate, it ensures a steady stream of reliable rental income. Moreover, given the high proportion of renters in Marina, landlords who are flexible with their acceptance policies can gain a competitive edge in the local rental market.
In summary, with the median income and the high market rate rent, many households in Marina will find it challenging to afford housing without assistance. By understanding the financial dynamics at play, landlords can make informed decisions that benefit both their investment and the community.
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.