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 Fair Market Rent (FMR) for ZIP code 93016 in fiscal year 2024 is set at $2410. This figure represents the maximum amount that the U.S. Department of Housing and Urban Development (HUD) will pay towards a tenant's rent through the Section 8 program. It is important to note that this is not the actual rent you would charge your tenants; it is the reimbursement limit from the government.
In ZIP 93016, the local median rent is currently listed as N/A, which makes direct comparison challenging. However, the N/A% of renters who qualify for assistance provides insight into the potential demand for Section 8 rentals in this area. This percentage indicates the proportion of the population that might be interested in renting properties under the Section 8 program, suggesting a steady stream of qualified applicants.
When acquiring a property for Section 8, the average cost can vary widely depending on the condition and location of the property. In this case, the average acquisition cost is also listed as N/A, which means you'll need to do additional research to determine the typical price range for properties in 93016 that meet HUD standards.
Before deciding to invest in a Section 8 rental in ZIP 93016, ensure that the property meets all HUD's quality and safety standards. These requirements are crucial because they directly impact whether your property can participate in the program and receive the reimbursement up to the FMR of $2410.
To summarize, the FMR of $2410 sets the ceiling for government reimbursement, while the N/A% of eligible renters suggests demand. The acquisition cost being N/A means you must investigate further, but the most critical step is verifying that the property meets HUD standards.
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.