Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,710 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 4BR | $2,900 | $657,439 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 18932 presents an interesting scenario for both renters and landlords alike. Given the lack of specific data on median income and market rate rents, we must rely on other indicators to assess the financial landscape.
Affordability becomes a critical issue when considering the voucher payment standard set at $2100 for the Fair Market Rent (FMR) in this area for fiscal year 2024. This figure serves as a benchmark for what low-income households can pay towards rent, subsidized by the government under the Section 8 program.
With 32.7% of the 436 residents being renters, the demand for affordable housing is significant. The affordability gap, however, means that landlords face competition from properties that may be priced lower than the FMR, catering to those who might struggle to meet even the subsidized rates.
For landlords, the decision between accepting vouchers versus relying on cash-paying tenants hinges on several factors. Vouchers provide a steady, reliable income stream, though it comes with the requirement to adhere to HUD standards and undergo regular inspections. Cash-paying tenants, while potentially offering higher rents, introduce the risk of non-payment and the need for thorough tenant screening processes.
The takeaway for landlords is clear: while the voucher rate of $2100 ensures a consistent income, it may limit the pool of potential tenants if the local market rate is significantly higher. Landlords should consider the balance between the security of voucher payments and the flexibility and potentially higher returns from cash-paying tenants, taking into account the local rental market dynamics and competition.
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.