Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD 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 | $950 |
| 1 Bedroom | $1,030 |
| 2 Bedrooms | $1,230 |
| 3 Bedrooms | $1,470 |
| 4 Bedrooms | $1,620 |
| 5 Bedrooms | $1,879 |
| 6 Bedrooms | $2,104 |
| 7 Bedrooms | $2,272 |
| 8 Bedrooms | $2,386 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,230 | $358,638 | 0.34% | F |
| 3BR | $1,470 | $404,148 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 21915, encompassing Chesapeake City, MD, presents a dynamic rental market influenced by several key factors. The Fair Market Rent (FMR) set at $1540 for fiscal year 2024 indicates a benchmark for what is considered affordable for low-income families, as determined by HUD. This figure stands notably higher than the reported market rent of $825, based on Census ACS data, suggesting that there is a segment of the population willing to pay above the average market rate for housing.
The median home value of $405,758 places Chesapeake City in a mid-range category for property values, which can influence both rental and ownership markets. Given the lack of specific data on price-cut share and days on market (DOM), it's challenging to definitively state whether supply outpaces demand or vice versa. However, the gap between FMR and market rent hints at potential upward pressure on rents, as some properties might be priced closer to the FMR to cater to subsidized housing needs.
A renter share of 20.8% is indicative of a significant portion of the population preferring or needing to rent rather than own their homes. This statistic suggests ongoing long-term housing pressure, as a higher percentage of renters often correlates with affordability challenges for homeownership. Landlords and small-portfolio investors should take note of this trend, as it points towards sustained demand for rental properties in the area.
The interplay between these metrics—FMR, market rent, median home value, and renter share—creates a complex but promising landscape for those involved in the rental sector. While the exact balance between supply and demand remains unclear without additional time-series data, the presence of a substantial rental market and the willingness to pay higher rents suggest a robust environment for rental investments.
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.