Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,510 |
| 2 Bedrooms | $1,820 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,450 |
| 5 Bedrooms | $2,842 |
| 6 Bedrooms | $3,183 |
| 7 Bedrooms | $3,438 |
| 8 Bedrooms | $3,610 |
U.S. Census Bureau data (2024)
45.5% of residents in ZIP 18081 are renters, indicating a strong demand for rental properties in the area. The Fair Market Rent (FMR) for ZIP 18081 is set at $1540 for the fiscal year 2024, providing a benchmark for rental pricing. This figure is crucial for landlords and small-portfolio investors as it represents the maximum amount that can be charged for a unit under the Section 8 program. Despite the lack of specific data on market rent and median home values, the high percentage of renters suggests a robust rental market. Investors should note that the median income data is not available, which means assessing the financial stability of potential tenants requires additional research. Similarly, the absence of days on market (DOM) and the percentage of price-cut share makes it challenging to gauge the competitiveness of rental prices or the frequency of price adjustments in the area. However, the 45.5% renter share implies that there is a significant portion of the population relying on rentals, which could translate into steady demand for affordable housing options. For those considering the Section 8 program, the $1540 FMR is a key factor in determining whether the investment will be financially viable. It's important to keep in mind that while the data points to a strong rental market, the lack of detailed financial metrics necessitates thorough due diligence before making any investment decisions. In conclusion, the high renter share combined with the defined FMR suggests that ZIP 18081 is a suitable location for Section 8 investments.
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.