Section 8 Fair Market Rent (FMR) for ZIP 08002 - 2027
Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Investment Score for ZIP 08002
D
Monthly Rent (2BR)
$2,470
Median Price (2BR)
$354,843
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
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 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$2,470 |
$354,843 |
0.7% |
D |
| 3BR |
$2,940 |
$440,488 |
0.67% |
D |
| 4BR |
$3,250 |
$511,666 |
0.64% |
D |
| 5BR |
$3,770 |
$570,575 |
0.66% |
D |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$100,951
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). 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.