Location: Dover, DE | Metro: Dover, DE MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,080 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,370 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,180 |
| 5 Bedrooms | $2,529 |
| 6 Bedrooms | $2,832 |
| 7 Bedrooms | $3,059 |
| 8 Bedrooms | $3,212 |
U.S. Census Bureau data (2024)
32.8% of residents in ZIP 19936 are renters, indicating a significant portion of the population relies on rental housing. This statistic underscores the potential demand for rental properties in the area. $1,125 is the average market rent based on Census ACS data, providing a benchmark for what tenants might be willing to pay. However, the $1110 Fair Market Rent (FMR) for ZIP 19936 for fiscal year 2024 suggests that the government's estimate for reasonable rents is slightly below the market rate. This could affect the viability of Section 8 properties in the region, as landlords must ensure they can cover costs and still make a profit at these rates.
N/A for the median home value indicates that there is either insufficient data or a lack of homeownership in the area, which might skew towards a higher concentration of rental properties. The median income of $34,135 offers insight into the financial capabilities of the local population, suggesting that while some may afford market rents, others will likely rely on subsidized housing options like Section 8.
The absence of data regarding days on market (DOM) and the percentage of price-cut shares means we cannot assess how quickly properties sell or if there is a trend of lowering prices to attract buyers. However, this gap does not detract from the importance of understanding the rental market dynamics, especially given the high renter share and the specific FMR and market rent figures.
In conclusion, while the median income supports a robust rental market, the slight discrepancy between the FMR and market rent could present challenges for landlords participating in the Section 8 program. The high proportion of renters points to strong demand, but careful consideration of property costs and subsidies is essential. Verdict: Suitable for Section 8 investment with caution.
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.