Section 8 Fair Market Rent (FMR) for ZIP 08002 - 2027

Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,910
1 Bedroom	$2,070
2 Bedrooms	$2,470
3 Bedrooms	$2,940
4 Bedrooms	$3,250
5 Bedrooms	$3,770
6 Bedrooms	$4,222
7 Bedrooms	$4,560
8 Bedrooms	$4,788

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,015

Median Household Income

$100,951

Housing Units

10,330

Renter Percentage

32.0%

Occupancy Rate

93.4%

Renter Occupied

3,093

Housing Authorities Serving ZIP 08002

Housing Authority of the City of Camden (Camden, NJ) - 2,306 Section 8 vouchers
Borough of Clementon Housing Authority (Clementon, NJ) - 72 Section 8 vouchers
Haddon Housing Authority (Westmont, NJ)
Collingswood Housing Authority (Collingswood, NJ)
Gloucester City Housing Authority (Gloucester City, NJ)

When considering whether to purchase a property in ZIP 08002 (Cherry Hill, NJ) for Section 8 investment, follow this decision tree:

Does the Fair Market Rent (FMR) of $2,190 cover the debt service on a property valued at $429,954?
- If yes: The FMR is sufficient to meet debt obligations, making this a viable option.
- If no: The FMR does not cover the debt service. Do not invest in this area unless you can find properties with lower mortgage payments or higher rental income sources.
Is the market rent ($2,208 ZORI) above, at, or below the FMR?
- If above: The market rent exceeds the FMR, indicating potential for higher returns if the property is not solely reliant on Section 8 tenants.
- If at: Market rent matches the FMR, suggesting that there is no premium over the FMR. This scenario is neutral but still viable for Section 8 investments.
- If below: The market rent is less than the FMR, which is unusual and may indicate a mispricing or other issues in the local rental market. Proceed with caution and further research.
Are the 32.0% renters and 16-day Days on Market (DOM) indicative of enough demand?
- If yes: There is a significant percentage of renters and relatively low DOM, suggesting strong demand for rental properties in Cherry Hill, NJ. This makes it a good location for Section 8 investment.
- If no: The percentage of renters is too low or DOM is too high, indicating weak demand. Avoid investing in this area unless you can secure a lease with non-Section 8 tenants.
- If it depends: Evaluate the specific neighborhood within ZIP 08002. Some areas might have higher demand despite the overall ZIP code statistics. Additionally, consider the number of Section 8 vouchers available in the area.

To summarize, if the FMR of $2,190 covers the debt service on your target property, market rent is at or above FMR, and there is a substantial rental market presence with low DOM, then investing in ZIP 08002 for Section 8 is advisable. However, if any of these conditions are not met, reconsider the investment or conduct further analysis.

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.