Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,330 |
| 4 Bedrooms | $2,570 |
| 5 Bedrooms | $2,981 |
| 6 Bedrooms | $3,339 |
| 7 Bedrooms | $3,606 |
| 8 Bedrooms | $3,786 |
U.S. Census Bureau data (2024)
The ZIP code 08319 presents several challenges for potential Section 8 landlords. Firstly, tenant turnover can be a significant issue. The Fair Market Rent (FMR) for FY 2024 is set at $1570, which is the maximum amount that landlords can charge for a Section 8 rental unit. However, the lack of data on market rent suggests that landlords might struggle to find tenants willing to pay the higher FMR, leading to increased turnover rates.
Vacancy exposure is another concern due to the absence of days on market (DOM) data. This indicates that there may be periods where units remain unoccupied, reducing the overall income from rental properties. Additionally, the typical home value in ZIP 08319 is $375,411, while the median income is only $100,278. This income-to-home-value ratio suggests that many residents may have difficulty affording maintenance costs, potentially leaving landlords responsible for deferred maintenance expenses.
Despite these risks, the ZIP code has a 0.9% renter share, indicating a high concentration of renters. High renter density often correlates with a higher demand for housing vouchers, which can stabilize occupancy rates and provide a steady stream of income. While this factor mitigates some of the risks associated with vacancy and turnover, it does not address the financial burden of deferred maintenance.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.