Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,210 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $238,823 | 0.66% | D |
| 3BR | $1,870 | $280,778 | 0.67% | D |
| 4BR | $2,060 | $318,043 | 0.65% | D |
| 5BR | $2,390 | $345,508 | 0.69% | D |
U.S. Census Bureau data (2024)
The ZIP code 19804 in Wilmington, Delaware, stands out within New Castle County due to its unique demographic and economic characteristics. With a population of 18,779 residents, 26.1% of whom rent their homes, it reflects a mix of homeownership and rental activity typical of urban areas. The median household income here is $79,701, which is slightly above the national average, indicating a relatively affluent community. However, the median home value at $278,430 is notably lower compared to other parts of Delaware, suggesting a more affordable housing market within an otherwise prosperous area.
Turning to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 19804 is set at $1,680 for fiscal year 2024. This figure is significantly higher than the actual market rent of $1,228 as reported by the Census Bureau's American Community Survey (ACS). This disparity means that landlords participating in the Section 8 program can expect to receive a higher rent subsidy per unit than the prevailing market rate, making it potentially more lucrative to accept Section 8 tenants in this ZIP code.
Based on the data signature, ZIP 19804 appears to be a stable area. The median income is solid, and the median home value indicates affordability without significant signs of volatility. The high FMR relative to market rents suggests that the government aims to support a robust rental market, ensuring that low-income families have access to decent housing options. For landlords and small-portfolio investors, this ZIP code presents a balanced opportunity where accepting Section 8 vouchers can complement their existing rental properties, offering both social contribution and financial stability.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.