Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,810 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,380 |
| 5 Bedrooms | $2,761 |
| 6 Bedrooms | $3,092 |
| 7 Bedrooms | $3,339 |
| 8 Bedrooms | $3,506 |
The ZIP code 19708 in Unknown, PA, presents a market in motion, characterized by the Federal Market Rent (FMR) set at $1740 for fiscal year 2024. This figure serves as a benchmark for rental costs within the area, indicating the government's assessment of fair market values. However, the absence of current market rent data suggests a lack of recent activity or reporting that could provide a direct comparison to the FMR.
The unavailability of percentage share of price-cut listings and days on market (DOM) makes it challenging to precisely gauge the balance between supply and demand. Typically, a high percentage of price-cut shares and longer DOM would signal an oversupply and lower demand. Conversely, lower percentages and shorter DOM periods would suggest a market where demand exceeds supply. The current snapshot lacks these indicators, leaving room for further investigation into the local real estate trends.
Without specific data on the median home value, it's difficult to assess the overall wealth distribution and homeownership status within the ZIP code. However, the N/A% renter share is a critical piece of information. A higher renter share often correlates with greater long-term housing pressure, as renters might be seeking more affordable options due to economic constraints or the inability to secure mortgages. In markets with significant renter populations, there can be persistent demand for rental properties, which can influence both rental prices and the availability of homes for sale.
In summary, while ZIP 19708's FMR provides a baseline for rental expectations, the lack of additional metrics such as market rent, price-cut shares, DOM, and median home value limits a comprehensive analysis of the supply-demand dynamics. The unknown percentage of renter share hints at potential long-term housing pressures, but without more detailed data, definitive conclusions about the market's trajectory remain elusive.
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.