Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,600 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
To classify ZIP code 19318 in Unknown, PA, we need to analyze the available data points concerning yield and stability. The primary indicator for yield in this context is the Fair Market Rent (FMR) for a unit priced at $2000, which is applicable for fiscal year 2024. However, the data for market rent and home values in ZIP 19318 is currently unavailable, making it challenging to compare against typical market conditions.
The FMR of $2000 suggests that landlords can expect to receive rental income at or near this figure for a standard unit in the area. This sets a baseline for potential yields but does not provide a complete picture without knowing the local market rents and average home values. If the FMR is significantly higher than what would typically be expected in the absence of specific market data, this could indicate a high-yield environment. Conversely, if it aligns closely with general expectations, the yield might be considered moderate.
Moving on to stability, we lack specific percentages regarding the proportion of renters, days on market (DOM), and median household income. These metrics are crucial for understanding the financial health and predictability of the rental market. Without these figures, it's difficult to assess whether the market is stable or volatile. A high percentage of renters generally indicates stability since there is a consistent demand for rental properties. Short DOM periods suggest quick turnover and strong demand, which can also contribute to stability. Higher median incomes typically correlate with lower risk of default and greater stability in rent payments.
Given the current data, ZIP 19318 cannot be definitively classified into a high-yield/low-stability flip-style market or a steady-cashflow zone. The presence of an FMR figure allows us to estimate potential yields, but the absence of key stability indicators leaves us unable to make a comprehensive assessment. To accurately determine the nature of this market, further research into local rental trends, median home values, and economic indicators is necessary.
In conclusion, while the FMR of $2000 provides insight into the rental income potential, the lack of market-specific data on renter demographics, property values, and economic stability means that ZIP 19318 is best described as a market with unknown stability and moderate yield based on the FMR alone. Landlords and small-portfolio investors should proceed with caution until more detailed local market data becomes available.
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.