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 Fair Market Rent (FMR) for ZIP code 93044 in fiscal year 2024 is set at $2410. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is also known as the Housing Choice Voucher Program. It's important to note that this is not the amount you will receive as rent; rather, it's a guideline for determining the highest allowable rent based on market conditions.
The FMR is used to calculate the payment standard for Section 8 vouchers. If a voucher holder wants to rent a property in your ZIP code, the housing authority will pay up to $2410 per month towards the rent, depending on the size of the unit and the tenant's contribution. The tenant typically pays about 30% of their income towards rent, while the housing authority covers the rest, up to the payment standard.
While the local median rent is listed as N/A, the N/A% of renters indicates that there is a significant portion of the population who might be interested in Section 8 housing. This suggests that there could be a strong demand for properties that accept Section 8 tenants, making it a viable option for landlords looking to fill vacancies.
The acquisition cost for properties in this area is also noted as N/A. However, understanding the local real estate market is crucial for determining whether a Section 8 rental fits into your investment strategy. Section 8 rentals often require compliance with certain standards and inspections, which can affect the overall cost and maintenance of the property.
Before deciding to participate in the Section 8 program, verify that your property meets the required standards for habitability and safety. This includes passing inspections that check for cleanliness, structural integrity, and adherence to local housing codes. Ensuring your property is up to these standards will help you avoid delays and potential disputes with the housing authority.
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.