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 | $2,220 |
| 1 Bedroom | $2,500 |
| 2 Bedrooms | $2,990 |
| 3 Bedrooms | $4,050 |
| 4 Bedrooms | $4,710 |
| 5 Bedrooms | $5,464 |
| 6 Bedrooms | $6,120 |
| 7 Bedrooms | $6,610 |
| 8 Bedrooms | $6,941 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,500 | $403,785 | 0.62% | D |
| 2BR | $2,990 | $575,761 | 0.52% | F |
| 3BR | $4,050 | $779,044 | 0.52% | F |
| 4BR | $4,710 | $891,813 | 0.53% | F |
| 5BR | $5,464 | $1,175,214 | 0.46% | F |
U.S. Census Bureau data (2024)
Simi Valley, ZIP code 93065, is widely recognized as a suburban enclave offering a quieter lifestyle compared to the rest of Los Angeles County, characterized by low crime rates and a family-friendly atmosphere. The area maintains a distinct "small-town" feel while being anchored by substantial economic activity, with the Ronald Reagan Presidential Library serving as a notable local institution that draws tourism and provides employment. The city is largely residential with sprawling single-family neighborhoods, making it a conservative but stable market for long-term real estate holding.
From a numerical perspective, the area presents a tight spread between subsidy limits and market performance. The FY2026 Full FMR for a 2-bedroom unit is set at $3,320, closely tracking the current market rent of $2,888, leaving a modest gap of $432. This narrow margin suggests that voucher payments cover the bulk of market rates. Investors should note the high cost of entry, as the median home value sits at $847,203. However, turnover is relatively low with properties sitting on the market for a median of 59 days, indicating a liquid environment where assets move but do not stagnate.
Despite the high median household income of $120,519, demand for affordable housing options persists, supported by a renter share of 27.0%. The tenant pool is generally stable, bolstered by the city’s highly rated public schools and consistent appeal to families looking for suburban safety without completely leaving the Ventura County sphere. While transit options are more car-dependent than in urban cores, the local amenity base—ranging from parks to retail hubs along the main corridors—sustains a solid baseline of rental demand that complements the voucher program.
For Section 8 investors, the strongest angle in 93065 is stability rather than aggressive cash-flow. The alignment of the $3,320 FMR with market rents ensures reliable coverage without significant overpayment, while the high median income and low crime rates suggest a tenant demographic that likely values lease longevity. Consequently, this is a market suited for investors seeking preservation of capital and steady occupancy in an appreciating asset class, rather than those chasing high-yield spreads found in more volatile neighborhoods.
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.