Section 8 Fair Market Rent (FMR) for ZIP 93036 - 2027

Investment Score for ZIP 93036

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,800
1 Bedroom	$2,000
2 Bedrooms	$2,370
3 Bedrooms	$3,190
4 Bedrooms	$3,710
5 Bedrooms	$4,304
6 Bedrooms	$4,820
7 Bedrooms	$5,206
8 Bedrooms	$5,466

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,000	$394,032	0.51%	F
2BR	$2,370	$586,273	0.4%	F
3BR	$3,190	$762,389	0.42%	F
4BR	$3,710	$858,538	0.43%	F
5BR	$4,304	$1,048,316	0.41%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 93036 (Oxnard, CA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 93036, as set by HUD for 2026, is $2610 for a two-bedroom apartment. This figure represents 30.9% of the median household income of $101,445 in the area. However, the actual rental market is significantly higher, with Zillow reporting a median price of $585,078 for a two-bedroom property. The price-to-FMR ratio of 18.7x indicates that the actual rent prices far exceed the FMR. For instance, a typical two-bedroom apartment might cost around $2610 per month, but the median price suggests it could be closer to $4792 per month ($585,078 annualized). This substantial gap means that Section 8 voucher holders face significant constraints in finding affordable housing within their budget. They would likely struggle to find properties where landlords accept vouchers due to the low FMR compared to market rates. #### Affordability & Renter Profile ZIP code 93036 has a high occupancy rate of 95.6%, indicating a robust demand for housing. With nearly half of the population (48.1%) being renters, there is a considerable segment of the community that relies on rental properties. Given the median household income of $101,445, most residents can afford the market-rate rentals, but this leaves a large portion of the population who may struggle with housing costs. The tight market conditions suggest that there is little oversupply, and competition among renters is likely high. This makes it challenging for lower-income households to secure housing without assistance like Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 93036 presents a mixed picture. While the market is strong with high occupancy rates and relatively high median incomes, the actual rental prices are much higher than the FMR. This means that if an investor were to purchase a two-bedroom property at the median price of $585,078 and rent it out at the FMR of $2610, they would likely face negative cash flow. To break even, an investor would need to charge approximately $4792 per month, which is well above the FMR. Given these dynamics, the investment grade for Section 8-focused properties in 93036 is relatively low. Investors should consider the potential for long-term appreciation and the stability of rental income over short-term cash flow. However, the immediate cash flow implications are unfavorable for those relying solely on FMR rates. #### Specific Actionable Insights 1. **Target Lower-Rate Properties**: Investors should focus on properties that are priced below the median market rate. For example, a two-bedroom property priced at $400,000 would generate a monthly rent of about $3333, which is still above the FMR but more manageable for cash flow. This strategy allows investors to offer slightly more competitive rents while maintaining profitability. 2. **Consider Multi-Family Units**: Single-family homes may be less attractive due to the high price-to-FMR ratio. Multi-family units, such as duplexes or small apartment buildings, might offer better opportunities for cash flow. These units often have lower acquisition costs relative to their rental potential, making them more viable for Section 8 tenants. 3. **Engage with Local Landlords**: Building relationships with local landlords can help navigate the challenges of the high price-to-FMR ratio. Some landlords may be willing to accept Section 8 vouchers despite the lower rents because of the stability and security they provide. Understanding the local landlord sentiment and willingness to work with Section 8 tenants can be crucial for successful investments. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 93036 is to **skip** this market. The high price-to-FMR ratio and tight rental market make it difficult to achieve positive cash flow with properties purchased at median market prices. Investors looking to enter this market should carefully evaluate their strategies and consider alternative markets with more favorable price-to-FMR ratios and higher acceptance rates for Section 8 vouchers. If they decide to proceed, focusing on lower-priced properties and multi-family units would be more prudent.

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.