Location: Salinas, CA | Metro: Salinas, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,200 |
| 1 Bedroom | $2,360 |
| 2 Bedrooms | $2,790 |
| 3 Bedrooms | $3,590 |
| 4 Bedrooms | $3,820 |
| 5 Bedrooms | $4,431 |
| 6 Bedrooms | $4,963 |
| 7 Bedrooms | $5,360 |
| 8 Bedrooms | $5,628 |
U.S. Census Bureau data (2024)
The ZIP code 93943 is located in Monterey, California, and it represents a highly renter-heavy area, given that 100.0% of the population are renters. However, the specific median household income for this ZIP code is currently unavailable. To provide context, the median household income in the broader Monterey County is $94,486, while the median household income in Monterey city is $104,110.
The market rent for the area is also not explicitly available; however, we can infer from the surrounding data that rents are likely to be competitive with the overall income levels. For instance, the estimated median household income in Monterey city for 2023 is $97,002. Assuming similar income levels for 93943, typical rent would consume a significant portion of local income, especially considering the high cost of living in the area.
The Fair Market Rent (FMR) for ZIP code 93943 in fiscal year 2024 is set at $2,880. This figure is used to determine the amount of rental assistance payments made on behalf of tenants participating in the Section 8 program. Given the high housing costs in Monterey, it's reasonable to assume that market rents are close to or exceed this FMR, making it a challenging environment for those relying solely on vouchers.
A landlord in ZIP code 93943 should expect a tenant profile that heavily relies on Section 8 vouchers due to the high percentage of renters and the likely high market rents. Tenants will be individuals and families who require government assistance to afford housing, and their total monthly income will typically not exceed $2,880, which is the FMR threshold. This indicates that landlords must be prepared to work within the parameters of the Section 8 program and understand the process of receiving rental assistance payments.
In summary, ZIP code 93943 is a renter-heavy area with a strong demand for Section 8 vouchers. While exact income figures are not available, the reliance on rental assistance is evident given the high housing costs in Monterey. Landlords should anticipate working with tenants whose income is closely aligned with the FMR of $2,880.
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.