Location: Vineland, NJ | Metro: Vineland, NJ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,240 |
| 2 Bedrooms | $1,510 |
| 3 Bedrooms | $2,080 |
| 4 Bedrooms | $2,080 |
| 5 Bedrooms | $2,413 |
| 6 Bedrooms | $2,703 |
| 7 Bedrooms | $2,919 |
| 8 Bedrooms | $3,065 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08323 is set at $1,460 for fiscal year 2024. This figure represents the payment standard for Section 8 vouchers, meaning that if you participate in the program, this is the maximum amount you can charge for rent. It's important to note that the actual rent paid by tenants might be less, depending on their income level.
In comparison, the average market rent in the same area is $1,063 according to the latest Census American Community Survey data. This indicates that the FMR is higher than the typical rent, which could be beneficial for landlords looking to offset some of the costs associated with maintaining rental properties.
The renter share in this ZIP code is 9.6%, suggesting a moderate demand for rental housing. While this percentage might seem low, it translates into a significant number of potential tenants who could benefit from Section 8 assistance, especially in an area where housing prices can be competitive.
If you're considering purchasing a property in ZIP 08323, the median home value is approximately $282,629. This gives you an idea of the acquisition cost for a typical home in the area, which is an important factor when calculating your return on investment. Given the FMR and the median home value, you can expect a reasonable cash flow if you manage your expenses effectively.
Before proceeding with a Section 8 rental, verify that your property meets all the necessary requirements for the program, including safety and habitability standards. This will ensure compliance and avoid any delays or penalties once you're enrolled in the program.
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.