Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,480 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The ZIP code 08041 is not primarily characterized as a renter-heavy area with deep voucher demand. With a population of 650, only 5.4% are renters, indicating that this is predominantly a homeowner-dominated area. This low percentage of renters suggests that the demand for Section 8 vouchers is relatively scarce.
The median household income in this ZIP code stands at $99,688. However, without specific data on market rents, it's challenging to determine exactly what percent of local income goes toward rent. To provide some context, let's compare this median income to the Fair Market Rent (FMR) for the area, which is set at $1800 per month for FY 2024. Assuming a household allocates 30% of its income toward housing, as is often recommended, the median income would support a monthly rent of approximately $2,990.70 ($99,688 * 0.3 / 12), significantly higher than the FMR.
A landlord in ZIP 08041 should expect tenants who are likely to be financially stable and able to afford higher rents, given the median income level. These tenants may not necessarily rely on Section 8 vouchers due to the limited demand in the area. Instead, landlords might find themselves attracting a mix of tenants, including those who can pay market rates and a smaller number who could potentially use vouchers if they qualify.
To conclude, while there is a presence of renters in ZIP 08041, the overall landscape leans heavily towards homeownership. The scarcity of Section 8 vouchers means that landlords will likely encounter fewer applicants seeking subsidized housing. Instead, they should prepare for a tenant pool that is capable of paying rents that align more closely with the area's median income levels rather than relying on federal assistance programs.
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.