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 | $1,350 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,750 |
| 3 Bedrooms | $2,090 |
| 4 Bedrooms | $2,300 |
| 5 Bedrooms | $2,668 |
| 6 Bedrooms | $2,988 |
| 7 Bedrooms | $3,227 |
| 8 Bedrooms | $3,388 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,750 | $277,686 | 0.63% | D |
| 3BR | $2,090 | $337,766 | 0.62% | D |
| 4BR | $2,300 | $353,429 | 0.65% | D |
U.S. Census Bureau data (2024)
Runnemede, NJ, located in ZIP code 08078, is a suburban community with a total population of 8,051 residents. The area reflects a mix of homeowners and renters, with 27.5% of the residents being renters. The median household income in this zip code stands at $86,741, indicating a relatively affluent community where most families can afford decent housing. Median home values in Runnemede are quite high at $317,575, suggesting that the local real estate market is robust and property values are stable.
The economic landscape for rental properties in Runnemede is favorable for both hands-off voucher operators and hands-on value-add buyers. According to the Fair Market Rent (FMR) for ZIP 08078, the FMR for fiscal year 2024 is set at $1,510, which is higher than the reported market rent of $1,407 based on Census ACS data. This indicates that Section 8 vouchers can cover the majority of rental costs, making it an attractive option for landlords who prefer a steady stream of government-subsidized tenants without the hassle of managing market fluctuations.
For those interested in a more active role in managing their investment properties, there is potential to increase rents above the current market rate while still aligning with the FMR. This could allow for higher returns and the opportunity to improve property quality, thus attracting tenants willing to pay slightly more for enhanced living conditions. However, the difference between the FMR and market rent is modest, so value-add strategies should focus on cost efficiency and strategic upgrades rather than significant price increases.
In summary, ZIP 08078 in Runnemede, NJ, offers a solid foundation for both passive and active Section 8 investments. The higher FMR compared to the market rent supports a hands-off approach, ensuring stable occupancy rates and predictable cash flows. For those looking to add value, the potential exists but requires careful consideration of the local market dynamics and a focus on incremental improvements rather than major overhauls.
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.