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 | $1,520 |
| 1 Bedroom | $1,690 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,720 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,010 | $482,569 | 0.42% | F |
| 3BR | $2,720 | $705,769 | 0.39% | F |
| 4BR | $3,160 | $744,983 | 0.42% | F |
| 5BR | $3,666 | $817,182 | 0.45% | F |
U.S. Census Bureau data (2024)
Oxnard’s 93033 ZIP code represents a dense, primarily residential core known as La Colonia, a neighborhood steeped in history and undergoing significant revitalization. This area is characterized by a mix of older single-family homes and multi-unit properties, offering a walkable environment with close proximity to downtown Oxnard and the Pacific Coast. The local economy benefits from the presence of major employers such as St. John’s Regional Medical Center, which serves as a key healthcare anchor for the region and provides a stable employment base for potential tenants.
From a financial perspective, the math for Section 8 investors in this area shows a clear divergence between market rates and HUD payments. The FY2026 Fair Market Rent (FMR) for a 2-bedroom unit is set at $2,230, while current market rents (ZORI) sit significantly higher at $2,606, leaving a gap of $376 per month. This indicates that standard voucher caps may fall short of achieving top-market returns without tenant contributions. Property valuations are substantial, with a median home value of $709,024 and a median 2BR sale price of $481,732. Homes are moving at a moderate pace, with a median of 45 days on market.
Demand drivers in 93033 are robust, supported by a renter share of 42.8% and a median household income of $87,309. While the income level suggests a population that can afford private market rates, the high cost of homeownership likely pushes many families toward renting. Families with Housing Choice Vouchers are attracted to the area’s amenities, including the well-regarded Oxnard School District and convenient access to the Oxnard Transit Center, which facilitates commuting throughout Ventura County.
The verdict for investors centers on stability and appreciation rather than immediate maximum cash flow. Because the 2BR FMR trails the market rent, the strongest angle here is long-term asset appreciation in a neighborhood with institutional investment and high housing demand. The gap between the $481,732 entry price for a 2BR and the broader $709,024 median value suggests there may be value-add opportunities for investors willing to accept the $376 rent gap in exchange for government-backed reliability in a tightening market.
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.