Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,070 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,390 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,830 |
| 5 Bedrooms | $2,123 |
| 6 Bedrooms | $2,378 |
| 7 Bedrooms | $2,568 |
| 8 Bedrooms | $2,696 |
U.S. Census Bureau data (2024)
The median home value in ZIP 21902, Perry Point, MD, is $369,700 according to recent data. A skeptical investor might ask if the Fair Market Rent (FMR) of $1,510 will cover the mortgage on a home in this area. Given the median home value, it's likely that the monthly mortgage payments could exceed the FMR. However, this depends on factors such as interest rates and down payment amounts.
The rental demand in ZIP 21902 is strong, with 1,167 apartments listed for rent. This indicates that there are 100.0% of rental units available for potential tenants. While the number of listings suggests a healthy rental market, the actual occupancy rate is not provided. Therefore, we cannot definitively conclude if there is sufficient demand to fill these units.
Regarding the use of Section 8 vouchers, the data does not provide specific information about how well vouchers cover market rents in ZIP 21902. The national trend shows that voucher holders can find units that match their rent limits, but local variations can affect this. Without precise local data, we cannot confidently say whether vouchers will keep pace with market rents in this area.
In summary, while the rental market in ZIP 21902 appears robust, with a fair amount of rental properties available, the financial viability of covering mortgage payments with the FMR and the effectiveness of Section 8 vouchers in this ZIP code require further investigation into local occupancy rates and voucher policies.
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.