Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,440 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,210 |
| 5 Bedrooms | $3,724 |
| 6 Bedrooms | $4,171 |
| 7 Bedrooms | $4,505 |
| 8 Bedrooms | $4,730 |
U.S. Census Bureau data (2024)
The ZIP code 08023 represents a small, tightly-knit neighborhood with a total population of 375 residents. A significant portion of this community, 63.0%, are renters, indicating a strong demand for rental properties. The median household income in this area stands at $65,944, which suggests that the residents have a moderate level of economic stability.
Given the high percentage of renters and the median income, it's clear that this ZIP code is well-suited for rental investment. The Fair Market Rent (FMR) for the area in fiscal year 2024 is set at $1860, while the actual market rent, according to the Census American Community Survey (ACS), is $2,141. This discrepancy between the FMR and the market rent provides an opportunity for landlords who can manage their properties effectively to attract both voucher holders and market-rate tenants.
The neighborhood's characteristics make it suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the presence of a substantial number of renters and the alignment of median income with the FMR indicates that there will be a steady stream of voucher holders able to afford the rents. However, for those interested in a more active role, the difference between the FMR and market rent offers a chance to improve property values and capture higher rents from non-voucher tenants.
To conclude, ZIP 08023 presents a balanced environment for rental investments. With 63.0% of the population renting and a median income of $65,944, the area supports a diverse mix of tenants. The Fair Market Rent of $1860 contrasts with the market rent of $2,141, offering opportunities for both passive and active investors. Whether you choose to operate hands-off with Section 8 vouchers or seek to add value through improvements, this ZIP code provides a solid foundation for real estate investment.
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.