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 | $1,970 |
| 1 Bedroom | $2,220 |
| 2 Bedrooms | $2,650 |
| 3 Bedrooms | $3,600 |
| 4 Bedrooms | $4,170 |
| 5 Bedrooms | $4,837 |
| 6 Bedrooms | $5,417 |
| 7 Bedrooms | $5,850 |
| 8 Bedrooms | $6,143 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,650 | $779,349 | 0.34% | F |
| 3BR | $3,600 | $900,071 | 0.4% | F |
| 4BR | $4,170 | $1,039,102 | 0.4% | F |
U.S. Census Bureau data (2024)
To determine the role of ZIP 93022 (Oak View, CA) within a Section 8 portfolio strategy, we must consider several key metrics. This ZIP code is part of the Oxnard-Thousand Oaks-Ventura, CA Metropolitan Statistical Area (MSA).
The Fair Market Rent (FMR) for ZIP 93022 in fiscal year 2024 is set at $2,250. In comparison, the current market rent is slightly higher at $2,298, creating a narrow spread of just $48. Given the median home value of $896,771, this ZIP code can be considered a cash-flow anchor. The reason is straightforward: the FMR closely aligns with the market rent, ensuring that properties in this area will generate stable rental income when leased through the Section 8 program.
While the price-cut share stands at 0.2%, indicating a minimal need for price reductions to attract tenants, and the days on market (DOM) is not applicable due to the low price-cut share, these factors do not outweigh the significance of the cash flow stability provided by the FMR-market rent relationship. A cash-flow anchor is crucial for any investment portfolio because it provides consistent and predictable income, which can help balance out the risks associated with other investments that might focus more on capital appreciation.
The median income of $110,405 in ZIP 93022 suggests a relatively affluent population. However, with only 19.7% of the residents being renters, this ZIP code does not serve as a significant diversifier for a portfolio. Diversifiers are typically sought in areas where there is a high renter share, indicating a robust demand for rental properties. In contrast, ZIP 93022's characteristics align more closely with a cash-flow anchor, given the solid match between FMR and market rents.
In conclusion, ZIP 93022 should be viewed as a cash-flow anchor within a Section 8 portfolio strategy. Landlords and small-portfolio investors can rely on the steady rental income generated by properties in this area, knowing that the FMR is nearly identical to the market rent. This consistency reduces risk and ensures a reliable source of cash flow, making it an essential component for those seeking financial stability in their real estate investments.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.