Location: Oxnard-Thousand Oaks-Ventura, CA | Metro: Oxnard-Thousand Oaks-Ventura, CA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,770 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,330 |
| 3 Bedrooms | $3,140 |
| 4 Bedrooms | $3,650 |
| 5 Bedrooms | $4,234 |
| 6 Bedrooms | $4,742 |
| 7 Bedrooms | $5,121 |
| 8 Bedrooms | $5,377 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 93043 in fiscal year 2024 is set at $2250. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning it's the maximum amount that the government will pay towards rent for eligible tenants in this area. It's important to note that this is not the rent you would charge your tenant directly; rather, it's the ceiling for the government subsidy.
To understand the demand for Section 8 rentals in 93043, consider that the renter share of the population is N/A%. While the exact percentage is not available, a significant portion of renters in any given area typically rely on assistance programs due to limited income. This suggests there could be a steady demand for affordable housing options like Section 8 rentals.
When comparing the FMR to the average market rent, which is currently N/A, it becomes clear that the Section 8 program aims to provide affordable housing by setting a limit below typical market rates. However, without a specific number, we can infer that if the FMR is lower than the average market rent, it may present an opportunity to serve a niche market of renters who might otherwise struggle to find suitable housing.
In terms of acquiring a property for a Section 8 rental, the median home value in ZIP 93043 is N/A. Again, while the precise figure is not available, this metric gives insight into the cost of entry for potential landlords. It's crucial to evaluate whether the FMR of $2250 is sufficient to cover your mortgage, maintenance, and other expenses associated with owning a rental property.
Before proceeding with a Section 8 rental in ZIP 93043, one critical step is to ensure your property meets the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be satisfied to participate in the Section 8 program. Verifying compliance with HQS will save you time and resources in the long run and is essential for approval.
Data Sources: FMR data from HUD (2027). 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.