Location: Vineland, NJ | Metro: Vineland, NJ MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,390 | $130,419 | 1.07% | B |
| 2BR | $1,670 | $200,898 | 0.83% | C |
| 3BR | $2,310 | $280,266 | 0.82% | C |
| 4BR | $2,430 | $349,975 | 0.69% | D |
| 5BR | $2,819 | $338,604 | 0.83% | C |
U.S. Census Bureau data (2024)
Investors often question whether the Fair Market Rent (FMR) in Millville, NJ, which is $1,530 for zip code 08332 in fiscal year 2024, can sufficiently cover the mortgage on a median-priced home valued at $253,754. To determine this, we must consider the prevailing interest rates and typical loan terms. Assuming a standard 30-year fixed-rate mortgage at an average rate of 5%, the monthly mortgage payment for a $253,754 home would be approximately $1,375. The FMR comfortably exceeds this amount, indicating that rental income could indeed cover the mortgage.
The percentage of renters in the area stands at 32.6%, raising concerns over the adequacy of demand. While this figure might seem low compared to some urban areas, it suggests a stable tenant pool. However, the data does not provide insights into the number of units available or the vacancy rate, which are crucial metrics for assessing demand. Despite this limitation, the presence of a significant rental population indicates that there is a steady need for affordable housing options.
A final objection centers around whether Housing Choice Vouchers will keep up with market rents, currently priced at $1,528. In fiscal year 2024, the FMR is set at $1,530, closely matching the market rent. This alignment suggests that voucher holders can find suitable accommodation within their budget. Nonetheless, it's important to note that voucher amounts can vary widely based on individual circumstances and family size. The data does not specify the exact distribution of voucher sizes, so while the overall FMR matches the market rent, individual cases may require closer scrutiny.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.