Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,160 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,230 |
| 5 Bedrooms | $3,747 |
| 6 Bedrooms | $4,197 |
| 7 Bedrooms | $4,533 |
| 8 Bedrooms | $4,760 |
U.S. Census Bureau data (2024)
The ZIP code 08240 has a population of 2,648 residents. Unfortunately, the specific percentage of renters and the median household income are not available for this area, which makes it challenging to provide a precise analysis of the rental market dynamics and the prevalence of Section 8 tenants.
However, based on the data we do have, we can infer some general trends. The Fair Market Rent (FMR) for ZIP 08240 is set at $1,850 for fiscal year 2024. This figure represents the average rent a tenant with a Section 8 voucher could afford in the area. Without knowing the exact percentage of renters or the market rent, it's difficult to determine whether this is a renter-heavy ZIP with deep voucher demand or an area dominated by homeowners where vouchers are less common.
To connect income levels to market rent, we would need the median household income data. This information would allow us to calculate what percent of local income the typical rent consumes, giving us a clearer picture of the financial burden faced by potential tenants. However, given the FMR of $1,850, landlords should prepare for tenants who rely on government assistance to cover their housing costs. These tenants will be looking for units that fall within or slightly above the FMR threshold, as they might supplement their voucher with additional funds.
In summary, landlords in ZIP 08240 should expect a tenant pool that includes individuals and families who may require Section 8 vouchers to meet their housing needs. While the exact size of this pool cannot be determined without additional data, the FMR serves as a guideline for setting rents that align with the financial capabilities of subsidized tenants.
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.