Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,520 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
ZIP code 18931, located within the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA, has a Fair Market Rent (FMR) of $1830 for fiscal year 2024. This figure is notably lower than the average FMR for the broader Philadelphia metropolitan area, which typically ranges higher. The absence of specific market rent and home value data for ZIP 18931 makes direct comparisons challenging, but the low FMR suggests that it could be a value pocket within the larger metro.
In value pockets, rents are generally more affordable compared to other areas within the same MSA. Given the lack of data on market rent and home values, we can infer that if these metrics align with the low FMR, they likely indicate that 18931 offers good affordability for both renters and buyers. However, without specific market rent and home value figures, it's important to rely on the FMR data to understand the rental dynamics in this ZIP code.
The FMR is set by the U.S. Department of Housing and Urban Development (HUD) and is used to determine eligibility for housing assistance programs such as Section 8. A lower FMR in 18931 suggests that this area might attract tenants who benefit from government subsidies, making it a potentially attractive location for landlords interested in participating in such programs. Additionally, the unknown percentage of renter share could imply a significant portion of the population relies on rental housing, further supporting the potential for a Section 8-friendly environment.
To conclusively determine if 18931 is a value pocket, a mid-tier neighborhood, or a premium sub-market, additional data on market rents and home values would be necessary. However, based on the FMR alone, it appears to be an area where rents are below the metro average, indicating a possible value pocket for investors looking to serve subsidized housing markets.
Data Sources: FMR data from HUD (2027).
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.