Location: Sussex County, DE | Metro: Sussex County, DE
| Unit Size | Monthly FMR |
|---|---|
| Studio | $960 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,960 |
| 5 Bedrooms | $2,274 |
| 6 Bedrooms | $2,547 |
| 7 Bedrooms | $2,751 |
| 8 Bedrooms | $2,889 |
U.S. Census Bureau data (2024)
The ZIP code 19931 stands out due to its unique demographic and economic characteristics. With only 375 residents, it has an extremely low rental rate at just 1.8%, indicating that most of the population owns their homes. The median income of $99,375 suggests a relatively affluent community, while the median home value of $306,853 reflects high property values.
Despite the low rental rate, the Federal Market Rent (FMR) for ZIP 19931 is set at $1090 for the fiscal year 2024. This figure is significant because it represents the maximum amount that a landlord can charge for a Section 8 voucher tenant. However, the absence of market rent data means that landlords must rely solely on the FMR to determine their rental rates for voucher holders.
The data signature for ZIP 19931 reads as stable. The high median income and home values suggest a steady economic environment where residents are likely to maintain their properties. The low rental rate implies that there is little turnover in the housing market, which is beneficial for landlords looking for long-term stability. Additionally, the lack of fluctuation in market rent data further supports the notion of a stable housing market.
Landlords and small-portfolio investors should note that the reliance on Section 8 vouchers in such a low-rent environment could be challenging. However, the high FMR of $1090 provides a reasonable rental income for those who do participate in the program. Given the stable nature of the ZIP code, it presents a secure investment opportunity for those willing to navigate the complexities of the Section 8 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.