Location: Oxnard-Thousand Oaks-Ventura, CA | Metro: Oxnard-Thousand Oaks-Ventura, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,820 |
| 5 Bedrooms | $4,431 |
| 6 Bedrooms | $4,963 |
| 7 Bedrooms | $5,360 |
| 8 Bedrooms | $5,628 |
The economics of Section 8 housing in ZIP code 93009, which encompasses parts of Oxnard, Thousand Oaks, and Ventura County, California, can be quite favorable for landlords who understand how the system works. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this specific ZIP code is set at $2410 per month for fiscal year 2024.
To break down the actual payments, consider the components of a Section 8 voucher. The voucher covers the difference between the SAFMR and the tenant's portion, which is typically 30% of their income. Additionally, there are utility allowances that vary but generally add up to around $300-$400 per month depending on the number of bedrooms and local energy costs.
For example, if a tenant's monthly income is $2000, their portion of the rent would be $600 (30% of $2000). If the utility allowance is $350, then the total amount the tenant contributes towards rent and utilities would be $950. Therefore, the Section 8 program would cover the remaining $1460 of the $2410 SAFMR for a two-bedroom unit.
This means the landlord receives the full SAFMR of $2410, with the government covering most of the rent beyond the tenant’s contribution. However, it's important to note that the local market rent for ZIP 93009 is currently unavailable, making direct comparisons challenging. Landlords should monitor local rental trends to ensure they remain competitive.
In summary, landlords in ZIP 93009 can expect a steady reimbursement of $2410 per month for a two-bedroom apartment under the Section 8 program, with the government covering the majority of the rent. The reimbursement gap or surplus will depend on the local market conditions, but given the SAFMR figure, landlords can anticipate a stable and predictable income stream from participating in this program.
Data Sources: FMR data from HUD (2027).
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.