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 | $1,910 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,470 | $290,860 | 0.85% | C |
| 3BR | $2,940 | $424,830 | 0.69% | D |
| 4BR | $3,250 | $547,163 | 0.59% | F |
| 5BR | $3,770 | $635,324 | 0.59% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 08077, which encompasses Cinnaminson Township, NJ, and Burlington County, revolve around the SAFMR (Small Area Fair Market Rent) set specifically for this ZIP code. For a two-bedroom apartment in FY 2024, the SAFMR is $2420. This figure represents the maximum amount that the housing authority will pay on behalf of eligible tenants.
However, landlords must understand that the total rent paid by the tenant and the housing authority does not necessarily equal the SAFMR. Instead, the tenant is responsible for paying a portion of the rent based on their income. Typically, this is 30% of the household's adjusted monthly income. If the tenant's share plus the utility allowance does not reach the SAFMR, the housing authority will make up the difference to ensure the landlord receives the full SAFMR amount.
To illustrate, let’s assume a tenant has an adjusted monthly income of $1500. Their share of the rent would be 30%, or $450. Utility allowances can vary but generally range from $200 to $300 per month. If we use a conservative estimate of $250 for utilities, the total contribution from the tenant and the utility allowance would be $700. In this case, the housing authority would cover the remaining $1720 to reach the SAFMR of $2420.
It’s also important to note that the local market rent for a two-bedroom unit in ZIP 08077, as indicated by ZORI (Zillow Observed Rent Index), is $2,103. This suggests that landlords participating in the Section 8 program can potentially receive higher rental payments compared to the average market rent, especially if their property is valued below the SAFMR.
The typical reimbursement gap or surplus for a two-bedroom unit in this ZIP code can be calculated by comparing the SAFMR to the ZORI. Since the SAFMR is $2420 and the ZORI is $2103, there is a surplus of $317 per month for landlords whose properties qualify under the Section 8 program. This means that landlords can expect to receive $317 more per month than the average market rent for a two-bedroom unit in Cinnaminson Township, NJ.
In summary, landlords in ZIP 08077 should anticipate that the total rent received for a two-bedroom unit under the Section 8 program will be $2420 per month, with the tenant contributing a fixed percentage of their income and the housing authority covering the rest. This setup provides a financial advantage over the local market rent, making participation in the Section 8 program a viable option for landlords looking to secure steady rental income.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.