Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $990 |
| 1 Bedroom | $1,070 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,530 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 19475, which covers Spring City, PA, is set at $1310 for fiscal year 2024. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, meaning that if you participate in this program, the maximum amount the government will pay toward rent for a unit in this area is $1310 per month. It's important to note that this is not your rent; it's the benchmark used to determine what the government will contribute.
In comparison, the local median rent for ZIP 19475 is $1,524, according to the ZORI index. This indicates that the typical rent charged in the area exceeds the FMR, suggesting that landlords participating in Section 8 might have to accept a lower rent than the market average. However, the program ensures timely payments through vouchers, reducing the risk of non-payment.
The demand for rentals in Spring City is strong, with renters comprising 29.9% of the total housing market. This high percentage of renters translates into a significant number of potential tenants looking for affordable housing options. Given the FMR and the local median rent, there is a clear opportunity for landlords to fill a need in the community while still maintaining a steady income stream.
If you're considering purchasing a property for a Section 8 rental in ZIP 19475, the typical home price is around $499,429. This figure helps you understand the initial investment required to acquire a property suitable for the program. Keep in mind that this does not include additional costs such as renovations or maintenance, which can be necessary to meet the standards for Section 8 eligibility.
Before making a decision, verify that the property meets all the necessary criteria for the Section 8 program. This includes ensuring that the unit passes a Housing Quality Standards (HQS) inspection, which checks for safety and habitability. The inspection is crucial because failing it could disqualify your property from participation in the program.
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.