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 | $1,490 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $1,980 |
| 3 Bedrooms | $2,680 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,650 | $485,098 | 0.34% | F |
| 2BR | $1,980 | $555,789 | 0.36% | F |
| 3BR | $2,680 | $714,003 | 0.38% | F |
| 4BR | $3,110 | $773,043 | 0.4% | F |
| 5BR | $3,608 | $893,032 | 0.4% | F |
U.S. Census Bureau data (2024)
Santa Paula, CA, located in ZIP code 93060, represents an interesting opportunity for inclusion within a Section 8 portfolio strategy. This area is best categorized as a cash-flow anchor. The primary reason for this classification lies in the favorable financial metrics that support consistent and reliable rental income.
The Fair Market Rent (FMR) for ZIP 93060 in fiscal year 2024 is set at $2190. In contrast, the current market rent stands at $2,450. This means that landlords can secure a stable cash flow by participating in the Section 8 program, which guarantees timely payments directly from the government. The spread of $260 between the FMR and market rent indicates a modest but significant cushion for property owners, ensuring they are not left with a shortfall when compared to typical market rates.
Additionally, the median home value in Santa Paula is $716,928. While this figure is high, it reflects the overall housing market's strength and can be leveraged to attract tenants willing to pay higher rents outside the Section 8 program, thereby diversifying income sources.
Santa Paula's low 0.2% price-cut share and non-applicable day DOM (Days on Market) suggest that the local housing market is relatively stable and does not require frequent price adjustments or prolonged listing periods to attract tenants. This stability is crucial for maintaining steady cash flows and minimizing vacancy risks.
The 44.0% renter share in the area also points towards a healthy demand for rental properties, making it easier for landlords to fill vacancies and maintain occupancy rates. With a median income of $80,979, there is a sufficient economic base to support both Section 8 and market-rate rentals, further reinforcing the potential for Santa Paula to serve as a reliable cash-flow anchor in a diversified portfolio strategy.
In summary, ZIP 93060 should be considered a cash-flow anchor due to the positive spread between FMR and market rent, coupled with a stable housing market and strong tenant demand. This makes it a valuable addition to any Section 8-focused investment strategy, providing solid and predictable returns.
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.