Section 8 Fair Market Rent (FMR) for ZIP 08640 - 2027

Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,160
1 Bedroom	$2,340
2 Bedrooms	$2,790
3 Bedrooms	$3,320
4 Bedrooms	$3,670
5 Bedrooms	$4,257
6 Bedrooms	$4,768
7 Bedrooms	$5,149
8 Bedrooms	$5,406

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,984

Median Household Income

$92,303

Housing Units

1,037

Renter Percentage

99.7%

Occupancy Rate

76.1%

Renter Occupied

787

ZIP code 08640, located in Ocean County, New Jersey, is a prime location for real estate investment, particularly for those interested in rental properties. The area is characterized by a high concentration of renters and relatively stable housing market conditions.

The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 08640 for fiscal year 2024 is set at $2,610.
The average market rent, according to the latest Census American Community Survey (ACS), is $2,466 per month, indicating a slight premium when compared to FMR.
The median income in the area stands at $92,303, providing a solid financial base for potential tenants.
Renters make up a significant portion of the population, with a 99.7% renter share, which suggests strong demand for rental properties.
The median home value is not available, likely due to the overwhelming rental market in the area.
The Days on Market (DOM) figure is also not available, but given the high renter share, it's reasonable to assume that rental units are occupied quickly once they become available.

The high renter share and the stability of rental prices relative to FMR indicate a robust rental market in ZIP 08640. With the median income being above average, there is a good potential for tenants to afford higher rents, making this area attractive for landlords and small-portfolio investors. However, the lack of data on home values and DOM suggests that the market is heavily skewed towards rentals rather than sales, which could limit opportunities for appreciation in property value. Despite this, the consistent demand for rental properties makes ZIP 08640 a reliable choice for generating steady rental income.

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.