Location: Tehama County, CA | Metro: Tehama County, CA
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 | $940 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,350 | $231,609 | 0.58% | F |
| 3BR | $1,870 | $329,138 | 0.57% | F |
| 4BR | $2,260 | $394,027 | 0.57% | F |
U.S. Census Bureau data (2024)
The market in ZIP 96021, Corning, CA, is dynamic and evolving. With a Fair Market Rent (FMR) of $1,370 projected for fiscal year 2026, it indicates a steady upward trajectory compared to the current market rent of $949 based on the Census American Community Survey (ACS) data. This suggests that rental prices are expected to rise, aligning with the anticipated increase in fair market values.
The low 0.2% price-cut share reveals that landlords are generally setting competitive rents without needing to significantly reduce their asking prices to attract tenants. This implies a relatively balanced market but leans towards demand matching or slightly exceeding supply, as landlords do not face substantial pressure to lower rents.
The median home value in Corning is $290,392. While the days on market (DOM) data is currently unavailable, the other metrics suggest a stable housing environment. The significant 34.0% renter share highlights an ongoing need for rental properties, which can be indicative of long-term housing pressure. A higher proportion of renters often means a continuous demand for rentals, potentially due to affordability issues or demographic factors that favor renting over buying.
In summary, the market in ZIP 96021 appears to be one where demand is at least keeping pace with supply, if not slightly surpassing it. The rental market is poised for growth, and the substantial renter population points to sustained pressure on the availability of rental units. Landlords and small-portfolio investors should consider these dynamics when evaluating investment opportunities or rental pricing strategies in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.