Section 8 Fair Market Rent (FMR) for ZIP 91360 - 2027

Investment Score for ZIP 91360

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	$1,980
1 Bedroom	$2,240
2 Bedrooms	$2,680
3 Bedrooms	$3,630
4 Bedrooms	$4,220
5 Bedrooms	$4,895
6 Bedrooms	$5,482
7 Bedrooms	$5,921
8 Bedrooms	$6,217

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
1BR	$2,240	$352,880	0.63%	D
2BR	$2,680	$582,516	0.46%	F
3BR	$3,630	$919,068	0.39%	F
4BR	$4,220	$1,090,186	0.39%	F
5BR	$4,895	$1,190,057	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 91360 (Thousand Oaks, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 91360 is set by HUD for 2026 and ranges from $2,200 for a zero-bedroom unit to $4,680 for a four-bedroom unit. However, the actual rental market in Thousand Oaks is significantly higher. For instance, the Zillow median price for a two-bedroom unit is $593,546, which translates into a price-to-FMR ratio of 16.7x. This means that the actual rent for a two-bedroom unit would be approximately $16,700 per month, far exceeding the FMR of $2,970. The disparity between FMR and actual rents imposes significant constraints on Section 8 voucher holders, who might struggle to find units within their budget. In particular, the FMR for a two-bedroom unit represents only 29.9% of the median household income ($119,296), indicating that even without vouchers, many residents would find it challenging to afford housing. #### Affordability & Renter Profile Given the high median household income and the relatively low percentage of renters (30.3%), the rental market in Thousand Oaks is quite tight. With an occupancy rate of 97.4%, there is little vacancy, suggesting strong demand for rental properties. The median household income of $119,296 implies that most residents can afford higher rents, but those relying on Section 8 vouchers face a difficult situation. The majority of the population (approximately 42,236 people) likely includes professionals and families who have stable incomes and can pay market rates. The high price-to-FMR ratio indicates that the rental market is oversupplied with units that are beyond the reach of lower-income households, making it a challenging environment for voucher holders. #### Investor Angle From an investor perspective, the ZIP code 91360 is not cash-flow positive at the FMR levels. Given the Zillow median price for a two-bedroom unit is $593,546, the monthly rent would need to be around $16,700 to justify the purchase price based on typical rental yields. However, the FMR for a two-bedroom unit is only $2,970, which is insufficient to cover mortgage payments, maintenance, and other expenses associated with property ownership. Therefore, the investment grade for this ZIP code is poor when considering Section 8 vouchers as the primary source of rental income. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should consider focusing on smaller units such as zero-bedroom or one-bedroom apartments. These units have lower FMRs ($2,200 and $2,480 respectively) and might be more affordable for voucher holders. Additionally, these units are likely to have less competition from market-rate tenants. 2. **Consider Non-Section 8 Investments**: Given the high price-to-FMR ratio, investors might want to explore alternative investment strategies that do not rely solely on Section 8 vouchers. For example, targeting the broader rental market where tenants can pay closer to market rates could provide better returns. 3. **Location-Specific Opportunities**: Within ZIP code 91360, certain neighborhoods might offer more affordable rental options due to varying local market conditions. Conducting a neighborhood-by-neighborhood analysis could reveal pockets where FMRs are closer to actual rents, providing better opportunities for cash flow. #### Bottom Line For investors focused primarily on Section 8 vouchers, the recommendation for ZIP code 91360 is to **skip** this market. The high price-to-FMR ratio makes it financially unfeasible to generate positive cash flow using Section 8 vouchers alone. Instead, investors should look for areas with more favorable FMR-to-market rent ratios or consider diversifying their investment portfolio to include non-Section 8 rental properties.

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.