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 | $1,200 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,040 |
| 5 Bedrooms | $2,366 |
| 6 Bedrooms | $2,650 |
| 7 Bedrooms | $2,862 |
| 8 Bedrooms | $3,005 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,550 | $205,576 | 0.75% | D |
| 3BR | $1,850 | $261,797 | 0.71% | D |
| 4BR | $2,040 | $291,149 | 0.7% | D |
U.S. Census Bureau data (2024)
ZIP code 08066, located in West Deptford Township, New Jersey, is characterized by a significant renter population, with 44.1% of residents being renters. This indicates that the area has a substantial tenant pool, which is favorable for landlords and small-portfolio investors interested in attracting Section 8 tenants. The median household income in this ZIP is $65,070, providing a baseline for assessing the financial capacity of potential tenants.
The market rent for the area stands at $1,548, which represents approximately 23.7% of the median household income. This percentage is calculated by dividing the market rent by the median household income and multiplying by 100. This suggests that typical rent consumes a considerable portion of local incomes, but it is still within a manageable range for many residents.
Comparing the market rent to the Fair Market Rent (FMR), which is set at $1,430 for FY 2024, reveals that the market rent slightly exceeds the FMR. Landlords should be aware that this could pose challenges in qualifying tenants for Section 8 vouchers, as the program aims to ensure that rents do not exceed a certain percentage of a tenant's income. However, the proximity of the market rent to the FMR indicates that there is likely a robust demand for rental properties that fall within or near the FMR threshold.
A landlord in ZIP 08066 can expect to attract tenants who rely on Section 8 vouchers due to the high percentage of renters and the relatively affordable FMR compared to the median income. These tenants will typically have a household income below 50% of the area median income, which for West Deptford Township would be around $32,535 or less. The expected tenant profile includes individuals and families who require assistance to cover housing costs, ensuring that they can afford to live in the area without rent consuming an excessive portion of their income.
In summary, ZIP 08066 presents a strong opportunity for landlords looking to cater to a Section 8 tenant base. With a significant renter population and a market rent that is only slightly above the FMR, there is a solid demand for affordable rental units. Landlords should prepare to work with tenants who have lower incomes but are committed to stable housing through the support of Section 8 vouchers.
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.