Section 8 Fair Market Rent (FMR) for ZIP 08205 - 2027

Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,540
1 Bedroom	$1,750
2 Bedrooms	$2,120
3 Bedrooms	$2,880
4 Bedrooms	$3,180
5 Bedrooms	$3,689
6 Bedrooms	$4,132
7 Bedrooms	$4,463
8 Bedrooms	$4,686

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,877

Median Household Income

$93,370

Housing Units

11,837

Renter Percentage

20.1%

Occupancy Rate

96.9%

Renter Occupied

2,307

Housing Authorities Serving ZIP 08205

Housing Authority and Urban Redevelopment Age (Atlantic City, NJ) - 1,293 Section 8 vouchers
Pleasantville Housing Authority (Pleasantville, NJ) - 525 Section 8 vouchers
Buena Housing Authority (Minotola, NJ)

Galloway, NJ, located in Atlantic County, is a residential community known for its suburban charm and proximity to the Jersey Shore. This area is particularly attractive to retirees and families due to its relaxed atmosphere and access to outdoor recreational activities. For real estate investors, especially those interested in Section 8 properties, understanding the local rental market dynamics is crucial.

The Fair Market Rent (FMR) for a two-bedroom apartment in Galloway, NJ for fiscal year 2024 is set at $1,900. This figure represents the maximum rent that can be charged to tenants participating in the Section 8 program.
The actual market rent, as indicated by Zillow's ZORI (Zillow Observed Rent Index), stands at $2,044. This suggests that the market rent slightly exceeds the FMR, indicating a competitive rental environment.
The median home value in Galloway is $334,636, which reflects the overall housing affordability and property values in the area.
Renters make up 20.1% of the population, showing a significant but not overwhelming demand for rental properties.
The days on market (DOM) for rental listings is 45 days, suggesting a moderate speed in finding tenants for properties listed.
The median household income in the area is $93,370, providing insight into the financial capacity of potential tenants.

In summary, Galloway, NJ presents a balanced opportunity for Section 8 investors. The market rent exceeding the FMR indicates room for negotiation, while the relatively low median home value suggests affordable entry points for acquiring investment properties. The moderate renter share and DOM times indicate a steady demand for rental units without being overly saturated. With the median income supporting the ability to pay rents, Galloway offers a stable and potentially profitable market for those willing to invest in Section 8 properties.

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.