Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
The analysis of ZIP code 08231, part of the Atlantic City-Hammonton, NJ HUD Metro FMR Area, reveals critical insights for landlords and small-portfolio investors considering this market.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for ZIP 08231 in fiscal year 2024 is set at $1670. However, due to limited data availability, we cannot directly compare this figure to the market rent. This lack of comparison makes it challenging to determine if the rent math aligns with what tenants are willing to pay in the current market conditions.
Moving on to the affordability of acquisitions, the median home value is currently not available. Additionally, the days on market (DOM) and the percentage of homes requiring a price cut are also unspecified. Without these metrics, it's difficult to assess how easy or challenging it would be to acquire properties in this area at affordable prices.
Tenant demand is another crucial factor. The population and the percentage of renters in ZIP 08231 are not specified, which means we cannot provide a clear picture of how many potential tenants might be interested in renting properties here. Tenant demand is key to ensuring occupancy rates and steady rental income, so the absence of this data is a significant gap in our analysis.
In conclusion, while the Fair Market Rent provides a benchmark at $1670, the lack of specific data on market rent, median home values, days on market, price-cut percentages, population, and renter share leaves substantial uncertainty about the viability of investing in ZIP 08231. Landlords and investors should seek additional, detailed local market data before making decisions. The current dataset does not offer enough clarity to confidently recommend investment in this area based on the outlined criteria.
Data Sources: FMR data from HUD (2027).
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.