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 | $1,650 |
| 1 Bedroom | $1,780 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,540 |
| 4 Bedrooms | $2,800 |
| 5 Bedrooms | $3,248 |
| 6 Bedrooms | $3,638 |
| 7 Bedrooms | $3,929 |
| 8 Bedrooms | $4,125 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,780 | $212,017 | 0.84% | C |
| 2BR | $2,130 | $278,265 | 0.77% | D |
| 3BR | $2,540 | $364,979 | 0.7% | D |
| 4BR | $2,800 | $459,220 | 0.61% | D |
| 5BR | $3,248 | $495,736 | 0.66% | D |
U.S. Census Bureau data (2024)
ZIP 19128 in Philadelphia, PA, is a prime location for inclusion in a Section 8 portfolio strategy due to its characteristics as an appreciation play. The Federal Market Rent (FMR) for FY 2024 is set at $1950, which is higher than the market rent of $1844. This indicates that properties in this area can be rented out at rates slightly above the average market rate when participating in the Section 8 program, providing a steady cash flow. However, the key factor making this ZIP code an appreciation play lies in its low price-cut share and relatively short days on market (DOM).
The 0.2% price-cut share suggests that homes in ZIP 19128 are rarely discounted, indicating strong demand and stable pricing. Additionally, the 15-day DOM reflects quick turnover in the housing market, a sign of high liquidity and desirability among buyers. These factors combined point towards a growing appreciation trend in property values, making it an excellent choice for investors looking to capitalize on rising asset values over time.
Furthermore, the median home value of $362,138 provides a solid base for appreciation potential. While the median income of $93,173 is moderate, it supports the idea that the area is affordable for a broad range of tenants, including those eligible for Section 8 assistance. The 42.1% renter share also means that there is a significant portion of the population that relies on rental housing, ensuring a consistent demand for rental units.
In summary, ZIP 19128 offers a strategic balance for Section 8 portfolios, with a slight spread between FMR and market rent ($1950 vs. $1844) providing stable cash flows, while its low price-cut share and short DOM suggest strong appreciation potential. For landlords and small-portfolio investors, this ZIP code presents a reliable investment opportunity that can both generate steady income and appreciate in value over time.
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.