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 93020 in fiscal year 2024 is set at $2410. This figure represents the payment standard for Section 8 housing vouchers, meaning it is the maximum amount that the government will pay towards your rental property's rent. It does not dictate the rent you can charge tenants; however, it limits the subsidy they receive. For instance, if you set the rent at $2600, the tenant would need to cover the difference above $2410 out-of-pocket.
Local average rents in ZIP 93020 are currently unavailable. However, the demand for rentals in this area is indicated by the N/A% of residents who are renters. This percentage suggests a significant portion of the population relies on rental housing, making it a viable market for Section 8 properties.
The acquisition cost of properties in ZIP 93020 is also marked as N/A, which means specific data points regarding property values are not available. Nonetheless, understanding the local real estate trends and comparing them to nearby areas can give you an idea of the potential investment costs.
Before committing to a Section 8 rental in ZIP 93020, verify that your property meets all the necessary qualifications for the program. This includes passing a Housing Quality Standards (HQS) inspection, ensuring the rent falls within the established payment standards, and confirming that you comply with all legal requirements.
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.