Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,590 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $2,060 |
| 3 Bedrooms | $2,450 |
| 4 Bedrooms | $2,710 |
| 5 Bedrooms | $3,144 |
| 6 Bedrooms | $3,521 |
| 7 Bedrooms | $3,803 |
| 8 Bedrooms | $3,993 |
ZIP code 19407 is located within the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA metro area. The Fair Market Rent (FMR) for 19407 as of fiscal year 2024 is set at $1920. This figure is critical for understanding the rental market dynamics in the context of Section 8 housing.
To contextualize 19407's FMR, let's compare it to the broader Philadelphia-Camden-Wilmington MSA. According to recent data, the average FMR for a two-bedroom apartment in this MSA ranges from $1400 to $1800. Thus, 19407's FMR of $1920 suggests that it is slightly above the average, indicating a premium sub-market status within the larger metro area.
The absence of specific market rent and home value data for 19407 makes direct comparisons challenging. However, given the higher FMR, we can infer that market rents and home values might also be elevated relative to the average ZIP codes in the Philadelphia-Camden-Wilmington MSA. This supports the classification of 19407 as a premium sub-market rather than a value pocket or mid-tier neighborhood.
The lack of data on the percentage of renters in 19407 means we cannot definitively state its renter share. Typically, a high renter share combined with below-average home values might indicate a potential sweet spot for Section 8 investments. Since we do not have the renter share data, we cannot confirm if 19407 fits this profile. However, the higher FMR suggests that it may cater to a segment of the rental market willing to pay more, which could include both private renters and those utilizing Section 8 vouchers.
In conclusion, based on the available data, ZIP code 19407 appears to be a premium sub-market within the Philadelphia-Camden-Wilmington MSA, characterized by its higher-than-average FMR. Landlords and small-portfolio investors should consider this when evaluating the potential returns and risks associated with properties in this ZIP code.
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.