Location: Cape May County, NJ | Metro: Cape May County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,930 |
| 1 Bedroom | $1,940 |
| 2 Bedrooms | $2,370 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
U.S. Census Bureau data (2024)
The ZIP code 08248, with a population of 266, has a relatively low percentage of renters at 7.1%. This indicates that it is primarily a homeowner-dominated area rather than a renter-heavy one. The median household income in this ZIP is $108,953, which suggests a higher-income demographic. However, the data does not provide specific figures on market rent, making direct comparisons challenging.
To contextualize the situation, let's consider the Fair Market Rent (FMR) set by HUD for this area, which is $1890 per month for FY 2024. Given the median income, we can estimate that typical rents would consume a smaller portion of the average household's income, potentially around 17% if the market rent aligns closely with the FMR. This calculation implies that while the voucher amount might cover a significant portion of the rent for lower-income households, it may not be sufficient for the majority of tenants in this ZIP code.
In terms of voucher demand, the scarcity of renters in ZIP 08248 means that the demand for Section 8 vouchers is likely to be shallow. Landlords in this area should not expect a large influx of potential tenants relying solely on housing vouchers. Instead, they should anticipate a tenant pool that includes individuals and families who may have some financial independence and could supplement their voucher income with additional funds.
A landlord in ZIP 08248 should prepare for a tenant profile that leans towards middle to upper-middle class, with an emphasis on those who might use Section 8 vouchers but also have the capacity to contribute extra towards rent. This mix ensures that landlords can balance the benefits of housing vouchers with the need for stable and reliable tenants who can afford the higher rent costs typical 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.