Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,250 |
| 3 Bedrooms | $2,910 |
| 4 Bedrooms | $3,220 |
| 5 Bedrooms | $3,735 |
| 6 Bedrooms | $4,183 |
| 7 Bedrooms | $4,518 |
| 8 Bedrooms | $4,744 |
U.S. Census Bureau data (2024)
The ZIP code 08224, located in Camden County, New Jersey, within the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA metro area, presents a unique market scenario for Section 8 investors. The HUD Fair Market Rent (FMR) for FY 2024 is set at $1650. However, the lack of specific market rent data for comparison means that we must rely on other indicators to assess the viability of this investment strategy.
Given the HUD FMR of $1650, voucher tenants will typically cashflow in this area, but the extent to which they do so depends on the condition and location of the property. In general, properties at or below average condition will cashflow, while those requiring significant upgrades might only break even or marginally cashflow. Premium units, however, could still offer positive cashflow opportunities despite higher maintenance costs.
The median home value in ZIP 08224 is currently not available, making it challenging to derive an accurate rent-to-price ratio. This metric is crucial for understanding the broader real estate landscape, including whether renting or buying is more advantageous. Without this data, we cannot provide a definitive comparison between rental income and home values.
The days on market (DOM) and the percentage of price cuts are also not available. These figures would help determine how quickly properties sell and at what discount, which can influence the buy-versus-rent decision. For Section 8 investors, these metrics are less critical than ensuring the property meets HUD standards and provides a stable source of income.
In conclusion, the strongest investor angle in ZIP 08224 is likely to be stability. With a defined HUD FMR, investors can count on consistent rental income from voucher tenants, providing a reliable and predictable cash flow stream. While appreciation and cashflow are important considerations, the guaranteed nature of Section 8 rents makes stability the most compelling argument for investment in this area.
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.