Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,710 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
U.S. Census Bureau data (2024)
To determine if you should buy in ZIP code 19383 for Section 8 purposes, follow these steps:
If the FMR does not cover your debt service, the answer is No. Do not purchase the property. The FMR is the maximum amount that can be charged for a Section 8 rental, so if it doesn't meet your financial obligations, the investment will not be viable.
If the market rent is above the FMR, then the property is less attractive for Section 8 tenants, and you must decide whether to accept lower rent or seek non-Section 8 tenants. If the market rent is at or below the FMR, the property is well-aligned with Section 8 standards, making it a strong candidate for acceptance into the program.
If the DOM is low, indicating high demand, and nearly all residents are renters, the answer is Yes. There is enough demand to support a Section 8 property in this area. However, if the DOM is high, suggesting weak demand, the answer is No. It's important to ensure that there is a steady stream of potential tenants interested in renting the property.
Note: The analysis is limited by the lack of specific market rent and DOM data. For a comprehensive evaluation, these details are crucial.
Data Sources: FMR data from HUD (2027). 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.