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 | $1,240 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,600 |
| 3 Bedrooms | $1,910 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,340 | $172,573 | 0.78% | D |
| 2BR | $1,600 | $271,439 | 0.59% | F |
| 3BR | $1,910 | $405,079 | 0.47% | F |
| 4BR | $2,100 | $479,900 | 0.44% | F |
| 5BR | $2,436 | $647,311 | 0.38% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP code 19115, located in Philadelphia, PA, is favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) set at $1580 for fiscal year 2024 is slightly below the market rent, which stands at $1,629 as indicated by the Zillow Observed Rent Index (ZORI). This means that properties can be rented at rates above the subsidized level, providing a margin that supports profitability.
Acquisition in this area is reasonably affordable. With a median home value of $387,269, the cost to purchase a property is within reach for many investors. Additionally, the average days on market (DOM) of 26 days suggests a quick turnover rate, indicating a competitive but not overheated market. The low 0.2% price-cut share further confirms that sellers typically do not need to reduce their asking prices, making it a stable environment for acquiring properties.
Tenant demand in ZIP 19115 is strong. The population of 35,279 residents, combined with a significant 37.2% renter share, ensures a steady pool of potential tenants. This high percentage of renters indicates a robust market for rental properties, supporting the likelihood of maintaining occupancy levels.
In conclusion, ZIP 19115 presents a viable opportunity for real estate investment under Section 8. The rent math works in favor of profitability, acquisitions are affordable given the median home value and market conditions, and there is a substantial tenant demand. These factors collectively suggest that the area is conducive to successful Section 8 investments.
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.