Location: Philadelphia-Camden-Wilmington, PA | Metro: Dover, DE MSA
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 | $1,390 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,390 |
| 4 Bedrooms | $2,750 |
| 5 Bedrooms | $3,190 |
| 6 Bedrooms | $3,573 |
| 7 Bedrooms | $3,859 |
| 8 Bedrooms | $4,052 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,770 | $359,894 | 0.49% | F |
| 3BR | $2,390 | $353,795 | 0.68% | D |
| 4BR | $2,750 | $477,044 | 0.58% | F |
| 5BR | $3,190 | $529,107 | 0.6% | D |
U.S. Census Bureau data (2024)
The ZIP code 19977, located in Smyrna, Delaware, stands out within Kent County due to several key demographic and economic factors. With a population of 27,704 residents, it has a relatively low rental rate of 17.0%, indicating that the majority of the housing stock is owner-occupied. The median income in this ZIP is $76,826, which is above the national average, suggesting a middle-class community. The median home value of $394,191 further reinforces the area's appeal to homeowners seeking stable, moderate-cost housing.
From a Section 8 voucher perspective, the Fair Market Rent (FMR) for ZIP 19977 is set at $1,470 for fiscal year 2024. This figure closely aligns with the market rent of $1,468 reported by the Census Bureau's American Community Survey (ACS), indicating a balanced relationship between government subsidies and local market conditions. Landlords accepting vouchers can expect to receive rental payments that are nearly equivalent to the market rate, minimizing financial risk.
The data signature for ZIP 19977 reads as stable. The high median home value and median income suggest a strong local economy and a preference for homeownership among residents. The slight overestimate of FMR compared to actual market rents means that landlords will be slightly favored, ensuring steady cash flow without significant loss. This stability is beneficial for small-portfolio investors looking to minimize turnover and maintain consistent revenue streams. In summary, ZIP 19977 offers a reliable environment for those interested in Section 8 participation, with financial risks being minimal and the potential for long-term tenant relationships being high.
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.