Location: Dover, DE | Metro: Dover, DE MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,290 |
| 1 Bedroom | $1,290 |
| 2 Bedrooms | $1,630 |
| 3 Bedrooms | $2,250 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
1370 is the Fair Market Rent (FMR) for ZIP code 19961 as of fiscal year 2024, indicating the maximum amount Section 8 tenants can be charged for a two-bedroom apartment. This figure represents a critical benchmark for landlords and small-portfolio investors looking to optimize their rental income while complying with HUD guidelines. The absence of specific data on market rent, median home value, renter share, median income, days on market (DOM), and the percentage of price-cut share suggests limited information on the broader housing market dynamics within this area. However, focusing on the 1370 FMR, it's evident that properties priced below or at this threshold will attract Section 8 tenants. For those considering the Section 8 program, the 1370 FMR serves as a cap, ensuring that rents are affordable for low-income families. It also implies that landlords must manage their costs carefully to maintain profitability. Given the lack of detailed local market data, the 1370 FMR becomes even more pivotal in guiding investment decisions. Investors should compare this figure against their operating costs, including property taxes, maintenance, and utilities, to assess potential returns. Additionally, the 1370 FMR can inform renovation budgets and rental pricing strategies for existing properties. With these considerations, the Section 8 program remains a viable option for landlords willing to navigate the administrative requirements and focus on providing quality housing at the stipulated rates.
1370 is the key number for landlords in ZIP 19961 who wish to participate in the Section 8 program, offering a clear guideline for rental pricing that balances affordability and profitability.
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.