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 | $1,570 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,810 |
| 4 Bedrooms | $3,260 |
| 5 Bedrooms | $3,782 |
| 6 Bedrooms | $4,236 |
| 7 Bedrooms | $4,575 |
| 8 Bedrooms | $4,804 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,750 | $812,911 | 0.22% | F |
| 2BR | $2,070 | $921,575 | 0.22% | F |
| 3BR | $2,810 | $1,135,118 | 0.25% | F |
| 4BR | $3,260 | $1,443,997 | 0.23% | F |
| 5BR | $3,782 | $2,410,569 | 0.16% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 93023, Ojai, CA, presents a robust environment for both landlords and small-portfolio investors. The median home value stands at $1,137,167, indicating a high-end residential area where property values reflect significant investment potential. With only 0.1% of listings reducing their prices, it's evident that sellers maintain strong pricing power, suggesting that demand remains steady or is growing relative to supply. This dynamic is further supported by the median days on market (DOM) of 40 days, which is relatively low, implying that homes are selling quickly, often close to or at the asking price.
The setup described signals that long-term investors can expect consistent property value stability, if not gradual appreciation, due to the resilient demand and limited price reductions. However, appreciation rates will likely be modest given the already elevated median home value. The market conditions imply that properties are unlikely to depreciate significantly over the next 12-24 months, offering a secure holding period for those seeking stable returns.
On the rental side, the Federal Market Rent (FMR) for ZIP 93023 in fiscal year 2024 is projected to be $2,190, whereas the Zillow Observed Rent Index (ZORI) currently sits at $4,125. This substantial gap between government estimates and actual market rents highlights the premium rental market in Ojai. Landlords can leverage this discrepancy to maintain higher rental income, especially for properties targeting the higher-end segment of the market.
The combination of strong home values, quick sales, and a premium rental market suggests that investors should focus on quality, well-maintained properties to capitalize on the existing demand. Long-term investors can anticipate a scenario where property values hold steady, benefiting from the low likelihood of price reductions and the ability to command higher rents compared to government standards.
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.