Section 8 Fair Market Rent (FMR) for ZIP 19134 - 2027

Investment Score for ZIP 19134

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,180
1 Bedroom	$1,280
2 Bedrooms	$1,530
3 Bedrooms	$1,820
4 Bedrooms	$2,010
5 Bedrooms	$2,332
6 Bedrooms	$2,612
7 Bedrooms	$2,821
8 Bedrooms	$2,962

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,530	$134,868	1.13%	B
3BR	$1,820	$107,115	1.7%	A+
4BR	$2,010	$173,184	1.16%	B
5BR	$2,332	$208,270	1.12%	B

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 19134 (Philadelphia, PA) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 19134 in Philadelphia, PA, indicate that the rent for a two-bedroom apartment is set at $1530 per month. This represents 41.7% of the median household income of $44,066, which is a significant portion but still within the affordability range for many residents. However, the actual market rents can be higher, especially considering the price-to-FMR ratio of 7.3x. For example, if the Zillow median price for a two-bedroom property is $133,576, then the monthly rental cost could be much higher than the FMR. This suggests that landlords might charge more than the FMR, making it challenging for Section 8 voucher holders to find suitable housing. The voucher program typically covers up to 40% of the FMR, so a tenant would need to pay the difference between the FMR and the actual rent out-of-pocket. In this case, a tenant with a Section 8 voucher might struggle to afford a two-bedroom apartment if the landlord charges significantly above the FMR. #### Affordability & Renter Profile ZIP code 19134 has a population of 53,594, with 45.7% of households being renters. This indicates a substantial demand for rental properties in the area. The occupancy rate of 86.4% suggests that there is a relatively tight market, with most available units being occupied. Given the median household income of $44,066, many residents are likely to be low-income earners who rely on affordable housing options. The high percentage of renters and the tight occupancy rate imply that there is a strong need for affordable rental properties, particularly those that fall within the FMR guidelines. However, the high price-to-FMR ratio of 7.3x suggests that the market is not entirely aligned with affordability, which could lead to difficulties for low-income renters in finding suitable housing. #### Investor Angle From an investor perspective, the ZIP code 19134 offers a mixed outlook. While the FMR provides a benchmark for affordable rents, the actual market rents are significantly higher, as indicated by the price-to-FMR ratio. If an investor is looking to capitalize on the high demand for rental properties, they must consider whether the rents they can charge will be within the FMR guidelines to attract Section 8 voucher holders. For instance, a two-bedroom apartment at the FMR of $1530 might not generate sufficient cash flow given the higher market rents. An investor would need to evaluate the potential for cash flow against the limitations imposed by the FMR. Additionally, the investment grade would depend on factors such as the stability of the local economy, crime rates, and access to amenities. Given the median household income and the high percentage of renters, the ZIP code could be considered a moderate-risk investment, with potential for positive cash flow if the investor can find properties below the market average but above the FMR. #### Specific Actionable Insights 1. **Focus on Properties Below Market Average**: Investors should look for properties that are priced below the market average but still above the FMR. For example, a two-bedroom apartment priced around $1400-$1600 could attract both Section 8 voucher holders and other low-income renters, while providing a reasonable cash flow. 2. **Consider One-Bedroom Units**: Given the high price-to-FMR ratio, one-bedroom units might offer a better balance between affordability and cash flow. At an FMR of $1290, these units are less likely to face the same challenges as two-bedroom units in terms of finding tenants who can afford the difference between the FMR and the actual rent. 3. **Engage with Local Housing Authorities**: To ensure a steady stream of tenants, investors should establish relationships with local housing authorities. This can help in understanding the specific needs of Section 8 voucher holders and ensuring compliance with HUD regulations. #### Bottom Line For Section 8-focused investors, ZIP code 19134 presents a challenging but potentially rewarding market. The high price-to-FMR ratio means that investors must carefully select properties to ensure they are within the affordability range for voucher holders. Given the tight occupancy rate and high demand for rental properties, the recommendation is to **Hold** or selectively **Buy** properties that are priced appropriately for Section 8 tenants. Investors should focus on one-bedroom units or two-bedroom units priced slightly above the FMR to achieve a balance between attracting tenants and generating positive cash flow.

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.