Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,180 |
| 1 Bedroom | $1,270 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,810 |
| 4 Bedrooms | $2,000 |
| 5 Bedrooms | $2,320 |
| 6 Bedrooms | $2,598 |
| 7 Bedrooms | $2,806 |
| 8 Bedrooms | $2,946 |
U.S. Census Bureau data (2024)
The real estate landscape in ZIP code 08064 presents a nuanced picture that both landlords and small-portfolio investors should consider when evaluating their investment strategies over the next 12-24 months. The current median home value is not available, which suggests a limited dataset for price analysis. However, the fact that N/A% of listings have been reduced points to a potential buyer's market where sellers might be willing to negotiate on price. This reduction in listing prices, alongside a median days on market (DOM) of N/A days, indicates a prolonged period during which homes remain unsold, further reinforcing the idea of a buyer-friendly environment.
On the rental side, the Fair Market Rent (FMR) for ZIP 08064 in fiscal year 2024 is set at $1670. While the exact market rent figure is currently unavailable, it is reasonable to infer that the FMR provides a benchmark for rental rates in the area. Landlords and investors must align their rental pricing with this FMR to ensure competitiveness and occupancy levels. If the market rent is below the FMR, there may be opportunities to slightly increase rents without deterring tenants, assuming the local economy supports such adjustments.
For long-term investors, the lack of specific appreciation figures makes it challenging to build a strong thesis around property value growth. Without historical trends or projected increases in median home values, the appreciation potential in ZIP 08064 appears uncertain. Investors should focus on other metrics, such as rental yields and occupancy rates, to gauge the financial health of their investments. Additionally, diversifying into other ZIP codes with clearer data could mitigate risks associated with this uncertainty.
In summary, the combination of reduced listings and extended DOM periods signals a market where pricing power may shift towards buyers. On the rental front, aligning with the FMR of $1670 is crucial for maintaining competitive positioning. Given the absence of concrete appreciation data, long-term investors should adopt a cautious approach, emphasizing cash flow and occupancy over capital gains until more definitive trends emerge.
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.