Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,600 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,070 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08032 in fiscal year 2024 is set at $1880. This figure represents the payment standard for Section 8 housing vouchers, which means that if you participate in the program, this is the maximum amount that the Housing Authority will pay towards the rent of a unit in this area. It's important to note that this is not the actual rent you can charge your tenants; it's the benchmark used to determine subsidy levels.
To put this into perspective, the local median rent for similar properties is currently N/A, indicating that the Section 8 payment standard is N/A. This suggests that there is a high demand for affordable housing options in this area, given the 0.0% share of renters who qualify for Section 8 assistance. This statistic implies that almost none of the current renters are receiving Section 8 subsidies, which could mean a significant untapped market for landlords willing to accept vouchers.
If you're looking to acquire a property in ZIP 08032, you should expect an average price tag of around $325,167. This figure reflects the typical cost of purchasing a home suitable for Section 8 tenants, and it's crucial to factor this into your investment strategy. The demand for affordable housing coupled with the availability of Section 8 vouchers makes this a potentially lucrative opportunity for landlords and small-portfolio investors.
Before you decide to enter the Section 8 market, ensure that your property meets all the necessary requirements for inspection and certification. This includes safety standards, cleanliness, and structural integrity. Once these criteria are met, you can confidently offer your rental at a rate that, while subsidized up to $1880, allows you to cover your costs and make a reasonable profit.
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.