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 | $1,360 |
| 1 Bedroom | $1,470 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,310 |
| 5 Bedrooms | $2,680 |
| 6 Bedrooms | $3,002 |
| 7 Bedrooms | $3,242 |
| 8 Bedrooms | $3,404 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,760 | $234,152 | 0.75% | D |
| 3BR | $2,100 | $287,610 | 0.73% | D |
| 4BR | $2,310 | $318,850 | 0.72% | D |
| 5BR | $2,680 | $370,827 | 0.72% | D |
U.S. Census Bureau data (2024)
Norwood, Pennsylvania, located in ZIP code 19074, is a residential area with a total population of 5,934 residents. The neighborhood has a relatively low rental rate, with only 24.3% of the population being renters. This indicates a primarily owner-occupied community where the majority of residents own their homes. The median household income in Norwood is strong at $96,134, suggesting a financially stable community. Additionally, the median home value stands at $288,065, which reflects a moderate housing market with reasonable property values.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP code 19074 for fiscal year 2024 is set at $1,510. In contrast, the Zillow Observed Rent Index (ZORI), which represents the average market rent, is significantly higher at $1,950. This gap between the FMR and the market rent suggests that landlords participating in the Section 8 program could face a challenge in covering the full cost of maintaining properties at market standards solely through voucher payments.
The practical implications for Section 8 investors are clear. For a hands-off operator who aims to manage properties with minimal intervention, the ZIP code 19074 might present financial hurdles due to the lower FMR compared to market rents. On the other hand, a hands-on value-add buyer could find opportunities to improve the quality of rental units and potentially attract tenants willing to pay closer to the market rate, thereby bridging the gap between the voucher amount and the actual costs of property maintenance and management.
In summary, Norwood's ZIP 19074 offers a stable and moderately priced housing market but presents challenges for hands-off Section 8 investors. The potential for hands-on operators to enhance property value and attract higher-paying tenants makes it a more suitable environment for active management and improvement efforts.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.