Location: Redding, CA | Metro: Redding, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,200 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,580 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,640 |
| 5 Bedrooms | $3,062 |
| 6 Bedrooms | $3,429 |
| 7 Bedrooms | $3,703 |
| 8 Bedrooms | $3,888 |
U.S. Census Bureau data (2024)
1490 In ZIP code 96084, the Fair Market Rent (FMR) for Section 8 eligibility stands at $1490 per month as of fiscal year 2024. 305539 The median home value in this area is $305,539, indicating a moderate housing market. 230 Furthermore, with 23.0% of the population being renters, there is a significant demand for rental properties. 1250 The average market rent, according to Census ACS data, is $1,250, which is slightly below the Section 8 FMR, suggesting that landlords could potentially attract tenants through the program without sacrificing profitability. 60769 With a median income of $60,769, residents in ZIP 96084 have the financial capacity to contribute a portion of their income towards rent, making them suitable candidates for Section 8 participation.
However, the lack of specific data on days on market (DOM) and the percentage of homes experiencing price cuts indicates a need for caution. While the overall economic indicators suggest stability, landlords should be aware of potential fluctuations in the local real estate market that could impact occupancy rates and rental income. It's also important to note that the difference between the FMR and the market rent could provide landlords with an opportunity to optimize their rental pricing strategies while remaining competitive.
To conclude, the Section 8 program offers a viable option for landlords and small-portfolio investors in ZIP 96084, given the alignment of FMR with local market conditions and the financial capability of residents. However, thorough due diligence on individual property performance metrics is advised before committing to the program. 1490 Participation in Section 8 can be a strategic move, but it must be balanced against the broader real estate dynamics of the area.
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.