Location: Vineland, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,220 |
| 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 08340 presents an interesting scenario for both renters and landlords. The median income in this area stands at $62,750, which is significantly lower than the Fair Market Rent (FMR) set at $1,910 for fiscal year 2024. This means that the typical household would struggle to pay the market rate of $1,188 without financial assistance.
To put this into perspective, let's break down the numbers. A household earning the median income would have difficulty allocating over 20% of their monthly earnings towards rent alone, especially when considering other essential expenses such as utilities, groceries, and healthcare. In contrast, the FMR of $1,910 represents a much higher barrier to entry for many residents, highlighting a significant affordability gap.
This gap has direct implications on the competition among landlords. With only 22.1% of the 725 residents being renters, the pool of potential tenants is relatively small. Landlords who rely solely on cash-paying tenants might find themselves competing for a limited number of households that can afford the $1,188 market rate, without government assistance.
On the other hand, accepting Section 8 vouchers could provide a steady stream of tenants, given the substantial difference between the median income and the FMR. However, landlords must weigh the benefits of guaranteed payments against the administrative requirements and potential limitations associated with voucher programs.
The takeaway for landlords is clear: while there is a strong case for accepting vouchers due to the affordability gap, it is also important to consider the dynamics of the local rental market. By understanding the financial capabilities of the average resident, landlords can make informed decisions on whether to focus on voucher-supported tenants or aim for those able to pay the market rate of $1,188. This balance will be crucial in navigating the competitive landscape of ZIP 08340.
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.