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 |
The ZIP code 19346 in Unknown, PA, lacks comprehensive demographic data, including population size, percentage of renters, and median household income. This scarcity of information makes it challenging to provide a detailed analysis of the tenant pool and the prevalence of Section 8 vouchers in the area.
Despite the missing data points, we can infer that without a specified percentage of renters, the area might lean towards a mix of homeowners and renters, suggesting that Section 8 vouchers could be less common compared to areas with a higher concentration of renters. However, the absence of specific percentages means we cannot conclusively state whether the demand for vouchers is high or low.
In terms of affordability, we can compare the Fair Market Rent (FMR) figure of $2000 for FY 2024 to the local market rent. The FMR serves as a benchmark for rental costs and is used to determine the maximum amount that a housing voucher will cover. If the local market rent is below $2000, then it would be considered affordable for tenants using Section 8 vouchers. Conversely, if the market rent exceeds this amount, it would indicate a higher cost burden on voucher recipients.
To understand how much of local income is eaten up by rent, specific income data is crucial. Without median household income figures, we cannot accurately calculate the proportion of income spent on rent. However, generally speaking, if the median income is significantly lower than the FMR, it suggests that rent consumes a larger portion of residents' income, making affordable housing options critical for the local tenant pool.
A landlord in ZIP 19346 should expect tenants who rely on Section 8 vouchers to be part of a potentially diverse group of renters and homeowners. These tenants would likely have incomes at or below the area median income (AMI), which is necessary to qualify for vouchers. They would be looking for housing that meets their needs while also ensuring that their rent does not exceed the limits set by their vouchers.
Given the limited data available, landlords and small-portfolio investors must consider the broader context of the region and possibly gather additional information through local real estate associations or government housing agencies to better understand the specific dynamics of the rental market in ZIP 19346.
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.