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 93954 presents an interesting scenario for both renters and landlords. Households here earn a median income of $60,417, which places significant constraints on their ability to afford the market rate rent of $1,679 per month. This figure represents a substantial portion of the average household's income, making it challenging for residents to find affordable housing without assistance.
Comparatively, the Fair Market Rent (FMR) set at $2,410 for ZIP 93954 in fiscal year 2024 is notably higher than the current market rate. However, this FMR is the benchmark used for determining Section 8 Housing Choice Voucher payments. Therefore, landlords who accept vouchers can expect to receive a higher monthly rental payment than the current market rate, potentially up to $2,410 depending on the specific voucher amount.
Given that 54.2% of the population in ZIP 93954 are renters, and with only 191 people in total, the competition among landlords is intense. The affordability gap between the median income and the market rate rent suggests that many potential tenants will need financial assistance to cover their housing costs. For landlords, this means that properties accepting Section 8 vouchers are likely to be more competitive and attract a steady stream of tenants compared to those relying solely on market-rate rents.
The takeaway for landlords considering whether to accept voucher tenants or focus on cash-paying residents is clear. Accepting vouchers can provide a guaranteed income stream that exceeds the current market rate, mitigating risks associated with vacancy and late payments. While cash-paying tenants might offer quicker turnover and less administrative overhead, the reality of the affordability gap in ZIP 93954 makes voucher acceptance a strategic advantage in maintaining occupancy and financial stability.
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.