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Riverside County/Menifee/92587

92587

ZIPSAFMR
Riverside County, CA
Zillow

ZIP Investment Score

91Below average

095130300
BRFMR
Eff. Rent
0 BR$1,980$1,970
1 BR$2,080$2,090
2 BR$2,560$2,630
3 BR$3,420$3,200
4 BR$4,150$3,480
5 BR$4,773Not available
6 BR$5,488Not available
7 BR$6,312Not available
8 BR$7,258Not available

Purchase Price Calculator

Maximum purchase price
$328,900

Cost breakdown

+Likely effective rent$2,630
HUD FMR$2,560
Market rent$2,670
Est. payment standard (103%)Used$2,630
-Principal and interest-$1,663
Loan amount$263,120
Down payment$65,780
Rate6.50%
Term30 years
-Operating costs-$767
Property taxes-$329
Insurance-$175
Utilities$0
HOA$0
Management-$263
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$41,916(63.7% ROI)
Projected value
$354,190
Return breakdown
Property appreciation+$25,289
Loan principal paid down+$9,427
Rental cash flow+$7,200
5-year hold
+$72,031(109.5% ROI)
Projected value
$372,121
Return breakdown
Property appreciation+$43,220
Loan principal paid down+$16,811
Rental cash flow+$12,000
10-year hold
+$156,177(237.4% ROI)
Projected value
$421,020
Return breakdown
Property appreciation+$92,120
Loan principal paid down+$40,057
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.01
1 BR
1.00
2 BR
0.96
3 BR
1.07
4 BR
1.19
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 92587 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 92587 (Menifee, CA) is $2,560 a month. That is down 9.9% from $2,840 in FY 2026. Menifee is in the Riverside-San Bernardino-Ontario, CA MSA. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,103. Among 95 ZIP codes in Riverside County, 92587 has the 17th-highest two-bedroom rent (county range $1,670–$3,150). The median county two-bedroom FMR in California is $1,725, so ZIP 92587 is 48% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 92587
BedroomsFY 2027Change90–110% range
Studio$1,980−9.6%$1,782–$2,178
1BR$2,080−8.8%$1,872–$2,288
2BR$2,560−9.9%$2,304–$2,816
3BR$3,420−9.8%$3,078–$3,762
4BR$4,150−10.0%$3,735–$4,565

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 92587
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,980$2,080$2,560$3,420$4,150
FY 2026$2,190$2,280$2,840$3,790$4,610
FY 2025$2,430$2,530$3,150$4,210$5,120
FY 2024$2,110$2,240$2,800$3,770$4,600
FY 2023$1,760$1,920$2,410$3,270$4,020

Two-bedroom rent in nearby Riverside County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 92587
92581$2,170−15.2%
92582$3,070+19.9%
92583$1,990−22.3%
92584$2,760+7.8%
92585$2,610+2.0%
92586$1,990−22.3%
92587Current$2,560—
92589$2,170−15.2%
92590$1,670−34.8%
92591$2,610+2.0%
92592$2,980+16.4%
92593$2,170−15.2%

Questions about ZIP 92587 rents

How much will Section 8 pay for a two-bedroom in ZIP 92587?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,103, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,893 to $2,313 a month; under the ZIP-level Small Area FMR of $2,560 it would be $2,304 to $2,816. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 92587 in?

ZIP 92587 is in the Riverside-San Bernardino-Ontario, CA MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,103.

How much did fair market rent change in ZIP 92587 for FY 2027?

The two-bedroom FMR fell 9.9%, from $2,840 in FY 2026 to $2,560 in FY 2027. Since FY 2023 it has risen 6.2%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentMenifee, CA fair market rentCA statewide rentsWhat is SAFMR?Data sources