Location: Oxnard-Thousand Oaks-Ventura, CA | Metro: Oxnard-Thousand Oaks-Ventura, CA MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,490 |
| 1 Bedroom | $2,780 |
| 2 Bedrooms | $3,330 |
| 3 Bedrooms | $4,500 |
| 4 Bedrooms | $5,230 |
| 5 Bedrooms | $6,067 |
| 6 Bedrooms | $6,795 |
| 7 Bedrooms | $7,339 |
| 8 Bedrooms | $7,706 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,780 | $396,366 | 0.7% | D |
| 2BR | $3,330 | $586,752 | 0.57% | F |
| 3BR | $4,500 | $971,644 | 0.46% | F |
| 4BR | $5,230 | $1,295,628 | 0.4% | F |
| 5BR | $6,067 | $1,569,678 | 0.39% | F |
U.S. Census Bureau data (2024)
ZIP 91377, located in Oak Park, CA, within the Oxnard-Thousand Oaks-Ventura, CA MSA, offers a strategic opportunity for landlords and small-portfolio investors focused on Section 8 housing. This ZIP code can be best categorized as an appreciation play within a Section 8 portfolio strategy.
The median fair market rent (FMR) for ZIP 91377 in fiscal year 2024 is set at $3,330, slightly above the market rent of $3,293. However, the significant median home value of $1,150,693 indicates that this area is primarily residential with high-end properties. The low price-cut share of 0.2%, along with the non-available day days-on-market (DOM), suggests that property values in this area are stable and likely to appreciate over time due to limited supply and strong demand.
While the spread between the FMR and market rent is minimal, the key factor in determining ZIP 91377's role in a Section 8 portfolio is the potential for property value growth. With a median income of $163,085, the residents have the financial capability to sustain higher rents and property values, making it less risky for long-term investment. The 28.1% renter share indicates a diverse tenant base, but the high median income implies that many renters could eventually transition into homeownership, further driving up property values.
Investing in ZIP 91377 under a Section 8 portfolio strategy means focusing on properties that can serve as a foundation for future appreciation rather than immediate cash flow. Landlords should consider properties that align with the higher FMR and anticipate value increases over the coming years. This approach ensures a solid investment that can weather economic fluctuations while providing a reliable source of rental income.
To summarize, ZIP 91377 is best suited as an appreciation play within a Section 8 portfolio strategy. Its stable market conditions, high median income, and potential for property value growth make it an attractive option for long-term investment, even if the immediate cash flow benefits are modest.
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.