What HUD offices serve Monterey Park, California?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the California Public Housing and Low-Income Apartments Waiting Lists page for openings near Monterey Park.
How many renters live in Monterey Park, California?
The City of Monterey Park has 60,386 people living in 20,416 households.
There are 30,116 renters living in 10,116 renter households in this City. Renters make up 49.87 percent of the population living in Monterey Park.
What is the rental market like in Monterey Park, California?
There are an estimated 21,731 housing units in the Monterey Park area. Of these, 10,270 units are rental homes, making up 47 percent of the housing market. For every renter household in Monterey Park, California, there are 1 rental units.
What is the vacancy rate for rentals in Monterey Park?
The rental vacancy rate in Monterey Park is 1 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Monterey Park for each bedroom size?
Occupied Rental Units by Size in Monterey Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 472 | 2,185 | 4,135 | 2,707 | 573 |
Occupied Rental Units by Size in Monterey Park
A large number of apartments in Monterey Park have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Monterey Park are overburdened by housing costs?
Among renter households in this market, 52 percent have housing cost burden. Further, 29 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Monterey Park
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,777 to $3,600. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,777 |
| One BR | $2,006 |
| Two BR | $2,544 |
| Three BR | $3,263 |
| Four BR | $3,600 |
2024 Fair Market Rents in Monterey Park, California
How many units are rented at Fair Market Rent (FMR) in Monterey Park?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 368 | 78 percent |
| One BR | 1,148 | 53 percent |
| Two BR | 1,097 | 27 percent |
Rental Units Below FMR in Monterey Park, California
How many affordable rental units are in Monterey Park?
There are a variety of federal affordable housing programs serving households in Monterey Park, California including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 203 |
| Section 8 Project-Based Rental Assistance | 249 |
| Section 202 Supportive Housing for the Elderly | 66 |
| Section 811 Supportive Housing for Persons with Disabilities | 12 |
Tracked Units by Federal Program in Monterey Park, California
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Monterey Park, California
Monterey Park features 257 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Monterey Park, California
There are 251 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Monterey Park.
Housing Choice Vouchers in Monterey Park, California
On average, Section 8 Housing Choice vouchers pay Monterey Park landlords $1,100 per month towards rent. The average voucher holder contributes $500 towards rent in Monterey Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Monterey Park, California for a two-bedroom apartment is between $2,290 and $2,798.
Sourced from federal housing data and AffordableHousingOnline.com research.
