Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
1640 is the Fair Market Rent (FMR) for ZIP code 19176 in Pennsylvania for fiscal year 2024, indicating the maximum amount a Section 8 tenant can pay toward their housing costs. Despite this figure, the market rent remains unspecified, suggesting a lack of comprehensive data on current rental prices in the area. Similarly, the median home value is not available, which could be due to a limited number of sales transactions or a predominantly rental-focused market. The percentage of renters in the area is also unknown, making it difficult to gauge the demand for rental properties relative to homeownership. Median income data is similarly unavailable, leaving a gap in understanding the economic profile of the residents. Additionally, the days on market (DOM) and the percentage of listings that have had their prices cut are both unspecified, which typically points to a stable market where there's little fluctuation in property values or listings. Given the $1640 FMR, landlords and small-portfolio investors should set their rents at or below this amount to attract Section 8 tenants. This ensures compliance with HUD guidelines and maximizes the potential tenant pool. However, without concrete market rent data, it's challenging to advise on competitive pricing strategies. The unspecified median home value suggests that focusing on rental properties might be more prudent for investors looking to enter the 19176 market. The absence of detailed local economic indicators complicates financial planning but does not negate the strategic importance of aligning with the $1640 FMR. In conclusion, while there are significant data gaps, setting rents at the $1640 FMR level is a safe bet for attracting Section 8 tenants.
Section 8 verdict: Viable for landlords willing to adhere to the $1640 FMR, but market dynamics require further investigation.
Data Sources: FMR data from HUD (2027).
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.