Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,910 |
| 1 Bedroom | $2,060 |
| 2 Bedrooms | $2,460 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
U.S. Census Bureau data (2024)
67.9% of residents in ZIP code 19108 are renters, indicating a strong demand for rental properties. This high percentage supports the viability of rental investments in the area. $1640 is the Fair Market Rent (FMR) for ZIP code 19108 for fiscal year 2024, setting a benchmark for rental pricing. While the specific market rent and median home value are not available, the median household income of $193,654 suggests that tenants have the financial capacity to meet the FMR. The lack of data on days on market (DOM) and the percentage of price-cut shares does not provide insight into the speed of property sales or the necessity of lowering asking prices, but given the high renter share, it is likely that rental units move quickly. The FMR is a critical figure for landlords and small-portfolio investors as it represents the maximum amount allowable for Section 8 housing vouchers. It is essential to note that the FMR can vary based on bedroom count and other factors, but it serves as a valuable reference point for setting rental rates. For instance, if your property's rent exceeds $1640, it may not be eligible for tenants using Section 8 vouchers, limiting your potential tenant pool. Conversely, setting the rent at or below the FMR can attract a broader range of tenants, including those who receive federal assistance. In conclusion, the strong rental market and high median income in ZIP code 19108 make it an attractive investment location for those willing to consider Section 8 tenants. The verdict for Section 8 eligibility in this area is positive, with the potential to offer stable long-term returns.
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.