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)
17.8% of renters in ZIP code 19940 are a key demographic to consider when analyzing the local rental market. With a $1000 Fair Market Rent (FMR) set for zip FY 2024, landlords can align their rental prices with federal guidelines, ensuring compliance and competitiveness. The Census ACS reports a market rent of $1,037, slightly above the FMR, indicating a tight market where demand may outstrip supply. Given the median home value of $335,322, it's clear that homeownership is a significant factor in the area, but the presence of a substantial renter population suggests opportunities for those willing to invest in rental properties. The median income of $65,024 provides insight into the financial capacity of residents, which can inform pricing strategies and tenant selection. Despite the lack of specific data on days on market (DOM) and price-cut share, the overall economic health of the area supports a stable rental environment. Landlords should focus on maintaining properties at or below the $1000 FMR to attract tenants eligible for Section 8 assistance, while also considering the slight premium of $1,037 that the market currently supports. This balance ensures both compliance and profitability. In conclusion, the combination of a moderate median income and a robust renter base makes ZIP 19940 a favorable location for Section 8 investments.
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.