Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,410 |
| 1 Bedroom | $1,530 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
The ZIP code 18935 is characterized by a relatively small population of 273 individuals, with 32.7% being renters. This indicates that while there is a significant portion of the population renting, it is not a highly populated area, which could mean that the overall number of Section 8 tenants is limited. The median household income in this ZIP is $113,214, which is notably higher than the Fair Market Rent (FMR) for the area.
The FMR for ZIP 18935 is set at $1710 per month for FY 2024, but specific market rent figures are not available in the data provided. However, given the high median income, we can infer that typical market rents would likely be above the FMR. To understand the impact of rent on local incomes, let's assume an average market rent of $1800 based on the FMR. This would represent approximately 16% of the median household income if the entire household were renting. In comparison, the FMR consumes about 15% of the median income, indicating that even subsidized rents take up a considerable portion of income for lower-income households.
In such a scenario, landlords in ZIP 18935 should anticipate a tenant pool that includes a mix of middle and lower-income families who rely on vouchers due to the high cost of living relative to their income. These tenants will be particularly sensitive to rent increases and may require additional support in managing their finances. Landlords should also be prepared to comply with the administrative requirements associated with housing voucher recipients, including regular inspections and reporting.
To summarize, ZIP 18935 is not a renter-heavy area but has a substantial portion of renters. Given the higher median income, landlords should expect a tenant profile that leans towards those needing financial assistance through housing vouchers, with a focus on maintaining properties to meet program standards.
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.