Location: Sussex County, DE | Metro: Sussex County, DE
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 | $1,340 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,160 |
| 4 Bedrooms | $2,610 |
| 5 Bedrooms | $3,028 |
| 6 Bedrooms | $3,391 |
| 7 Bedrooms | $3,662 |
| 8 Bedrooms | $3,845 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,760 | $370,037 | 0.48% | F |
| 3BR | $2,160 | $496,514 | 0.44% | F |
| 4BR | $2,610 | $661,540 | 0.39% | F |
| 5BR | $3,028 | $781,429 | 0.39% | F |
U.S. Census Bureau data (2024)
The rental market in Ocean View, DE (ZIP 19970) presents a dynamic equilibrium with specific indicators pointing towards a balanced yet slightly supply-constrained environment. The Fair Market Rent (FMR) for the area, set at $1560 for zip FY 2024, closely aligns with the actual market rent of $1,512, based on the latest Census ACS data. This suggests that rental pricing is fairly accurate and reflective of the local economy's ability to bear costs.
A key metric is the 0.2% price-cut share, indicating that very few landlords are compelled to reduce their asking rents, which implies a stable demand for rentals in the area. Coupled with a days-on-market (DOM) figure of 42 days, this suggests that units are generally occupied or filled relatively quickly, further supporting the notion of steady demand.
The median home value stands at $530,624, reflecting the overall economic health and desirability of the area. However, with an 8.7% renter share, it becomes evident that while homeownership is predominant, there is a significant segment of the population preferring or needing to rent. This percentage can be indicative of long-term housing pressures, as a higher renter share often points to affordability challenges or lifestyle preferences that keep a portion of the population in rental housing.
In summary, Ocean View, DE, appears to be a market where demand meets supply without significant surplus or shortage. The low price-cut share and relatively short DOM suggest that the rental market is robust and responsive to the needs of tenants. The substantial median home value alongside the moderate renter share indicates a mixed housing landscape, with potential for both rental and homeownership opportunities.
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.