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 ZIP code 93031 is located in Oxnard, California, a city known for its diverse community and coastal location. However, specific demographic data such as population, percentage of renters, median income, and median home value are not available due to the nature of this particular ZIP code being a PO Box zone. Despite the lack of detailed census data, it's clear that Oxnard, CA, is a bustling area with significant economic activity.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 93031 in fiscal year 2024 is set at $2410. This figure contrasts with the market rent in Oxnard, which averages around $3577 per month for apartments, with median rent close to $3133. The disparity between the FMR and the market rent indicates that properties participating in the Section 8 program may offer a lower rent compared to the general market.
Given the limited demographic data available for ZIP 93031, it is challenging to definitively categorize whether this area suits a hands-off voucher operator or a hands-on value-add buyer. However, considering the economic activity and the potential for higher market rents, a hands-on approach might yield better returns. Landlords and small-portfolio investors should focus on properties where they can add value, potentially increasing their market competitiveness and rental yields beyond the FMR.
In conclusion, while ZIP 93031 lacks detailed demographic information, the economic landscape of Oxnard suggests opportunities for both types of investors. Those seeking stable, hands-off investments can rely on the Section 8 program, while those willing to manage properties actively could benefit from the higher market rents, particularly if they can enhance property value through renovations or improvements.
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.