Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $423,860 | 0.37% | F |
| 3BR | $1,860 | $465,957 | 0.4% | F |
| 4BR | $2,050 | $734,688 | 0.28% | F |
| 5BR | $2,378 | $807,802 | 0.29% | F |
U.S. Census Bureau data (2024)
The ZIP code 08062, located in Mullica Hill, New Jersey, presents a dynamic rental market that reflects the broader trends affecting suburban areas. The Fair Market Rent (FMR) for ZIP 08062 stands at $1720 for fiscal year 2024, indicating a higher benchmark set by the government for housing affordability. In contrast, the actual market rent reported by the Census ACS is lower at $1,147, suggesting a gap between government standards and what tenants are currently paying.
The low price-cut share of 0.1% implies that most properties are being rented at their listed rates without significant reductions, pointing towards a market where demand is robust enough to support asking prices. This contrasts with a situation where high vacancy rates might lead to frequent price cuts to attract tenants. Additionally, the median home value of $595,619 suggests a relatively affluent area, which can stabilize property values and rents over time.
The fact that only 8.4% of residents are renters indicates a strong preference for homeownership among the population. This characteristic can exert long-term pressure on the rental market, as a smaller percentage of the population looking for rentals means fewer potential tenants. However, it also implies that any increase in the renter share could potentially drive up demand for rental units, making it a market worth monitoring closely for shifts in housing preferences.
In summary, ZIP 08062 appears to be a market where demand meets supply at current levels, but the predominance of homeownership suggests a latent pressure that could affect future rental dynamics. Landlords and small-portfolio investors should focus on maintaining competitive rental prices while keeping an eye on broader economic factors that could influence the balance between homeowners and renters.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.