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 analysis of ZIP 93011 within the Oxnard-Thousand Oaks-Ventura, CA MSA metro area reveals several key points for real-estate investors considering the Section 8 program.
First, regarding the rent math, the Fair Market Rent (FMR) for ZIP 93011 in fiscal year 2024 is set at $2410. However, the market rent data is currently unavailable, which makes it difficult to directly compare and assess whether the FMR aligns with what tenants can afford on the open market. This uncertainty should be considered when deciding if the rent math works in favor of Section 8 participation.
Second, the acquisition cost is another critical factor. Unfortunately, the median home value, days on market (DOM), and percentage of homes requiring price cuts are also not available. Without these figures, it's challenging to determine if purchasing properties in this ZIP code is financially viable for landlords looking to enter the Section 8 market. The lack of specific data suggests that further research into local property values and market conditions would be necessary before making an investment decision.
Third, tenant demand must be evaluated. The population data and the percentage of renters in ZIP 93011 are currently missing. These metrics are crucial for understanding the potential pool of tenants who might be interested in Section 8 housing. Without accurate figures, it's impossible to gauge the level of demand and ensure a steady stream of qualified applicants.
In conclusion, while the Fair Market Rent for ZIP 93011 is established at $2410, the absence of comprehensive market rent, median home value, days on market, percentage of price cuts, and tenant demographic data makes it difficult to provide a definitive recommendation. Landlords and small-portfolio investors should conduct thorough due diligence, including gathering current market data, to make informed decisions about investing in Section 8 properties in this area. The incomplete data suggests that while there may be opportunities, they come with significant unknowns that need addressing before committing to this market.
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.