Section 8 Fair Market Rent (FMR) for ZIP 08360 - 2027

Investment Score for ZIP 08360

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,220
1 Bedroom	$1,340
2 Bedrooms	$1,610
3 Bedrooms	$2,220
4 Bedrooms	$2,340
5 Bedrooms	$2,714
6 Bedrooms	$3,040
7 Bedrooms	$3,283
8 Bedrooms	$3,447

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,610	$243,775	0.66%	D
3BR	$2,220	$307,276	0.72%	D
4BR	$2,340	$364,531	0.64%	D
5BR	$2,714	$368,548	0.74%	D

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 08360 (Vineland, NJ) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 08360 in Vineland, NJ, for 2026 is set at $1590 for a two-bedroom unit. This amount represents 29.2% of the median household income of $65,359. The FMR is designed to ensure that renter households receiving Section 8 vouchers can afford housing without spending more than 30% of their income on rent. However, it is important to note that the actual rental market may differ from these figures. According to Zillow, the median price for a two-bedroom home in this area is $234,989, which translates to a price-to-FMR ratio of 12.3 times. This high ratio suggests that the actual rental prices could be significantly higher than the FMR. For instance, if we assume a typical rental yield of around 5%, the implied monthly rent for a property priced at $234,989 would be approximately $979. However, this figure is likely lower than what landlords charge in the market, given the high price-to-FMR ratio. Given that the FMR is $1590 for a two-bedroom unit, voucher holders face significant constraints. They must find units that do not exceed this amount, which is challenging given the high price-to-FMR ratio. Additionally, landlords have the discretion to set rents above the FMR, which means voucher holders might struggle to find affordable housing options. #### Affordability & Renter Profile The population of Vineland is 45,038, with 34.7% of residents being renters. This indicates a substantial rental market, but it also highlights the importance of affordability for a significant portion of the community. With a median household income of $65,359, the FMR for a two-bedroom unit at $1590 is indeed within the affordability threshold of 30% of income. However, the occupancy rate of 95.4% suggests that the rental market is relatively tight, with limited availability of units. The high price-to-FMR ratio of 12.3x implies that the market rents are well above the FMR. This situation creates a challenging environment for low-income renters who rely on Section 8 vouchers. It is likely that many voucher holders will find it difficult to secure housing that fits within their budget, especially when competing against other renters willing to pay higher rents. #### Investor Angle From an investor perspective, the ZIP code 08360 presents a mixed picture. The FMR for a two-bedroom unit is $1590, which is below the median market rent. Assuming the typical rental yield of 5%, the implied monthly rent based on the median home price ($234,989) is approximately $979. This figure is far below the FMR, suggesting that properties purchased at the median price would generate a rental income significantly higher than the FMR. However, the high price-to-FMR ratio indicates that the actual market rents are likely much higher than the FMR. This means that while the FMR provides a baseline for affordability, the reality is that many units are priced beyond this level. Investors who are looking to maximize cash flow should consider the actual market rents rather than just the FMR. In terms of investment grade, the tight rental market and high occupancy rate suggest a stable demand for rental properties. However, the challenge lies in finding properties that can be rented out at or near the FMR, particularly for two-bedroom units. Given the high median home price and the FMR, the investment grade is moderate, with potential risks associated with finding tenants who can only afford the FMR. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom or studio apartments. The FMR for a one-bedroom unit is $1310, which is still below the implied rental yield based on the median home price. By targeting smaller units, investors can potentially achieve better cash flow and avoid the challenges associated with larger units. 2. **Consider Off-Market Properties**: To find properties that can be rented out at or near the FMR, investors should consider off-market properties or those in less desirable areas within the ZIP code. These properties might be priced lower than the median and could provide a better opportunity to align with the FMR. 3. **Negotiate with Landlords**: Since the actual market rents are likely higher than the FMR, investors should be prepared to negotiate with landlords to ensure that rents are kept within the FMR range. This negotiation might involve offering to cover some maintenance costs or providing other incentives to landlords. #### Bottom Line For Section 8-focused investors, the ZIP code 08360 presents a moderately attractive market. While there is a significant rental market with a high occupancy rate, the challenge lies in finding properties that can be rented out at or near the FMR. Given the high price-to-FMR ratio, investors should focus on smaller units and consider off-market properties to improve their chances of success. **Recommendation**: **Hold**. The market has strong demand, but the high price-to-FMR ratio makes it difficult to find properties that fit within the affordability guidelines of Section 8 vouchers. Investors should proceed cautiously and consider diversifying their portfolio to include units that are more likely to be rented at the FMR.

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.