Location: Cape May County, NJ | Metro: Cape May County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,650 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $2,030 |
| 3 Bedrooms | $2,660 |
| 4 Bedrooms | $2,670 |
| 5 Bedrooms | $3,097 |
| 6 Bedrooms | $3,469 |
| 7 Bedrooms | $3,747 |
| 8 Bedrooms | $3,934 |
U.S. Census Bureau data (2024)
The ZIP code 08246, located within the Cape May County, NJ HUD Metro FMR Area, has a Fair Market Rent (FMR) of $1720 for FY 2024. However, the market rent, home value, and renter share for this specific ZIP code are not available. To contextualize 08246 within the broader Cape May County, NJ HUD Metro FMR Area, we must rely on the available FMR data.
Average FMRs across Cape May County typically range around $1500-$1800 for a two-bedroom unit, which places 08246 at the higher end of this spectrum. Given that the market rent and home values for 08246 are not specified, we cannot definitively categorize it as a value pocket, mid-tier neighborhood, or premium sub-market solely based on the provided figures. However, the 0.0% renter share suggests that there are very few renters in this ZIP code, which contrasts sharply with the typical situation in many other ZIP codes within the county where renter shares are likely higher.
In general, a low renter share combined with a high FMR could indicate that 08246 is a predominantly owner-occupied area with limited rental housing options. This scenario might make it less attractive for Section 8 voucher holders who seek affordable rental housing. Therefore, while 08246 does not show signs of being a value pocket due to its relatively high FMR, the lack of rental housing and absence of specific market rent and home value data prevent us from making a definitive classification.
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.