Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,050 |
| 4 Bedrooms | $2,330 |
| 5 Bedrooms | $2,703 |
| 6 Bedrooms | $3,027 |
| 7 Bedrooms | $3,269 |
| 8 Bedrooms | $3,432 |
U.S. Census Bureau data (2024)
The ZIP code 08011 encompasses a unique area primarily characterized by homeownership, with only 0.0% of residents being renters. This indicates a predominantly owner-occupied neighborhood, suggesting a stable community where long-term residency is common. The population size of 56 residents is quite small, which further emphasizes the close-knit nature of the community. However, due to the lack of specific data on median income and median home value, it's challenging to provide a detailed economic profile beyond these basic observations.
Moving into the realm of rental economics, the Fair Market Rent (FMR) for ZIP 08011 as of fiscal year 2024 is set at $2020. This figure serves as a benchmark for the housing market in the area but stands in contrast to the absence of reported market rent data. Without a direct comparison to local market rents, it's difficult to assess how the FMR aligns with typical rental prices, though it suggests a relatively high baseline for rental costs.
Given the scarcity of renters and the limited data available, ZIP 08011 may be less appealing for hands-off voucher operators who rely on a higher percentage of renters to sustain their business model. Conversely, for hands-on value-add buyers looking to invest in properties that can potentially benefit from renovations and improvements, the area presents an opportunity, albeit a niche one. The focus would likely need to be on converting homes into rentals or targeting the small segment of the market that might seek rental properties despite the strong homeownership trend.
In conclusion, while ZIP 08011 offers a stable and owner-occupied environment, its suitability for Section 8 investment hinges largely on the ability to identify and target specific opportunities within the rental market. For those willing to engage actively in property management and improvement, there could be potential, but it's not a straightforward or high-volume rental market based on the provided data.
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.