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 | $1,170 |
| 1 Bedroom | $1,260 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $1,800 |
| 4 Bedrooms | $1,980 |
| 5 Bedrooms | $2,297 |
| 6 Bedrooms | $2,573 |
| 7 Bedrooms | $2,779 |
| 8 Bedrooms | $2,918 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,800 | $341,299 | 0.53% | F |
| 4BR | $1,980 | $384,912 | 0.51% | F |
U.S. Census Bureau data (2024)
The ZIP code 08084 has a population of 7,018 residents, with 30.9% being renters. This indicates that while there is a significant rental market, it is not overwhelmingly dominated by renters. The median household income in this area is $98,427, which places it in a higher-income bracket compared to many other areas.
The market rent for properties in this ZIP is $1,190. To understand how this compares to the local income, we can calculate the percentage of income that goes towards rent. At $1,190 per month, the typical rent consumes approximately 15.2% of the median household income. This suggests that the rent is relatively affordable for most residents in the area, given their income levels.
The Fair Market Rent (FMR) for ZIP 08084 is set at $1,450 for FY 2024, which is higher than the current market rent. This means that tenants with Section 8 vouchers could potentially afford to pay up to $1,450 in rent, providing landlords with an opportunity to increase rents slightly above the market average without exceeding the voucher limit.
Given these figures, landlords in ZIP 08084 should expect a mix of tenants, including those who might use Section 8 vouchers. However, the overall number of vouchers in circulation may be limited due to the relatively high median income and the fact that only about 30.9% of the population are renters. Landlords will likely attract tenants who have stable incomes and can afford to pay the market rent, with some possibly utilizing the full voucher amount to cover higher rent costs.
In summary, ZIP 08084 offers a balanced rental market where Section 8 vouchers can play a role but are not the primary source of rental demand. The affordability of rent relative to income makes it a desirable location for both landlords and tenants, ensuring a steady stream of potential renters despite the relatively low proportion of renters in the total population.
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.