Section 8 Fair Market Rent (FMR) for ZIP 91320 - 2027

Investment Score for ZIP 91320

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,150
1 Bedroom	$2,400
2 Bedrooms	$2,880
3 Bedrooms	$3,900
4 Bedrooms	$4,520
5 Bedrooms	$5,243
6 Bedrooms	$5,872
7 Bedrooms	$6,342
8 Bedrooms	$6,659

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,880	$456,271	0.63%	D
3BR	$3,900	$896,590	0.43%	F
4BR	$4,520	$1,104,867	0.41%	F
5BR	$5,243	$1,471,090	0.36%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 91320 (Thousand Oaks, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 91320 in Thousand Oaks, CA, is set by HUD for 2026. The FMRs are as follows: - 0BR: $2370 - 1BR: $2660 - 2BR: $3190 (which is 25.7% of the median household income) - 3BR: $4330 - 4BR: $5020 These figures represent the maximum amount that a Section 8 voucher holder can pay for rent in each unit type. However, comparing these FMRs to actual rents in the area reveals significant constraints for voucher holders. For instance, the Zillow median price for a 2BR unit is $461,590, which translates to a monthly mortgage payment of approximately $2,170 assuming a 4.5% interest rate and a 20% down payment. This already exceeds the FMR for a 0BR unit, highlighting the financial challenges faced by those relying on vouchers. #### Affordability & Renter Profile ZIP 91320 has a population of 43,472, with 23.9% being renters. The occupancy rate stands at 97.6%, indicating a robust demand for rental properties. Given the median household income of $148,991, the area is relatively affluent. However, the high price-to-FMR ratio of 12.1x suggests that the market is extremely tight, with rents far exceeding the FMRs. This makes it difficult for low-income households to find affordable housing options, especially those who rely solely on Section 8 vouchers. The Zillow median price for a 2BR unit is $461,590, which implies that the average rent for such units would be significantly higher than the FMR. This tight market condition means that many renters, particularly those with limited income, face significant barriers in finding suitable accommodation. #### Investor Angle From an investor’s perspective, the ZIP code 91320 presents both opportunities and challenges. The FMRs are set below the market rates, which could limit cash flow for landlords who accept Section 8 vouchers. For example, the FMR for a 2BR unit is $3190, while the average rent in the market is likely much higher given the median home price. This discrepancy means that landlords accepting vouchers might see reduced profitability compared to those renting at market rates. However, the high occupancy rate and strong demand for rentals indicate that there is a solid base of tenants willing to pay market rates. Therefore, while the FMRs might not be attractive for cash flow, the overall rental market remains robust. The investment grade for this ZIP code would be moderate to high due to the strong demand and relatively high median incomes, but with a caveat regarding the attractiveness of FMRs for landlords. #### Specific Actionable Insights 1. **Focus on Larger Units**: Given that the FMR for larger units (3BR and 4BR) is closer to the median income, investors might consider focusing on properties with three or four bedrooms. These units have FMRs of $4330 and $5020 respectively, which are more aligned with the local economic conditions and could attract tenants who can afford higher rents. 2. **Consider Mixed-Income Developments**: To balance the need for affordable housing with the realities of the local market, developers might explore mixed-income projects where some units are rented at FMR and others at market rates. This approach can help ensure better cash flow while still providing affordable options for low-income residents. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP 91320 is to **Skip**. The high price-to-FMR ratio and the tight rental market make it challenging to achieve positive cash flow when relying solely on Section 8 vouchers. Investors should look for areas with lower ratios or consider alternative strategies such as mixed-income developments to balance affordability with profitability. In summary, while Thousand Oaks offers a strong rental market, the constraints imposed by the FMRs and the high cost of living make it less favorable for those strictly dependent on Section 8 vouchers.

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.