Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,490 |
| 1 Bedroom | $1,610 |
| 2 Bedrooms | $1,920 |
| 3 Bedrooms | $2,290 |
| 4 Bedrooms | $2,530 |
| 5 Bedrooms | $2,935 |
| 6 Bedrooms | $3,287 |
| 7 Bedrooms | $3,550 |
| 8 Bedrooms | $3,728 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08039 in fiscal year 2024 is set at $1980. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program, which is also known as the Housing Choice Voucher program. It's important to note that this is the payment standard, not necessarily the rent you will receive; tenants typically pay a portion of their income towards rent, with the rest covered by the voucher.
While there is no specific local market rent data available for comparison, the FMR provides a benchmark for assessing whether your property is priced appropriately for the Section 8 program. If your rental property is valued below this threshold, it aligns well with the program's requirements and should be eligible for participation.
The 0.0% renter share indicates that there is currently no data on the proportion of renters in ZIP 08039 who might qualify for the Section 8 program based on income levels. However, this does not imply low demand; many qualified applicants often seek housing assistance through Section 8 regardless of the published share percentage. Landlords should expect that demand could still be high due to the limited availability of affordable housing options.
Regarding acquisition costs, the lack of data points to an absence of recent transactions or listings that specifically relate to properties being acquired for Section 8 use. This makes it challenging to predict how much you might spend to purchase a property in this area specifically for Section 8 tenancy. However, it's crucial to consider the long-term benefits such as stable income from the government and the opportunity to provide affordable housing.
Before deciding to participate in the Section 8 program with a rental property in ZIP 08039, ensure that your property meets all the necessary physical condition standards set by the program. These standards are designed to maintain a safe and habitable living environment for tenants and must be met before you can accept Section 8 vouchers.
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.