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 Fair Market Rent (FMR) for ZIP code 19360 in Unknown, PA, for fiscal year 2024 is set at $2000. This figure represents the maximum amount that the federal government will pay towards rent for a unit under the Section 8 Housing Choice Voucher program. It's important to note that this is not the actual rent you can charge your tenant; it's the payment standard used by the government.
To understand how this compares locally, we would typically look at the average market rent for similar properties in the area. However, due to limited data, the local average market rent for ZIP 19360 is currently marked as N/A. Despite this lack of specific figures, the FMR serves as a benchmark for what the government deems a fair rent for the area.
The percentage of renters in ZIP 19360 is also listed as N/A, but this metric is crucial for gauging demand. If the renter share is high, it indicates strong demand for rental properties, which could be beneficial if you're considering entering the rental market. Conversely, a low renter share might suggest fewer potential tenants.
When acquiring a property for a Section 8 rental, the initial investment can vary widely depending on factors such as the condition of the property and its location. The median home value in ZIP 19360 is also noted as N/A, which makes it challenging to estimate acquisition costs accurately. Nonetheless, it's essential to ensure that the property meets all Section 8 requirements and standards before purchasing.
Before committing to a Section 8 rental in ZIP 19360, verify that the property complies with the Housing Quality Standards (HQS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and cover a wide range of criteria, including safety, structural soundness, and compliance with local codes. Failure to meet these standards can result in reduced payments or even disqualification from the program.
In summary, while specific local market data is not available, the FMR of $2000 provides a clear guideline for the maximum government payment. Ensure your property meets HQS to avoid any issues once enrolled in the program. Section 8 rentals offer a stable income source, but thorough preparation and verification are key to success.
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.