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 | $1,180 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,530 |
| 3 Bedrooms | $1,820 |
| 4 Bedrooms | $2,010 |
| 5 Bedrooms | $2,332 |
| 6 Bedrooms | $2,612 |
| 7 Bedrooms | $2,821 |
| 8 Bedrooms | $2,962 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,820 | $396,921 | 0.46% | F |
U.S. Census Bureau data (2024)
Skeptical investors might question whether the Fair Market Rent (FMR) of $1640 for ZIP 21917 in fiscal year 2024 can adequately cover the mortgage on a home valued at $404,610. To address this concern, consider the median household income in ZIP 21917, which stands at $104,583. This figure indicates a relatively high standard of living, suggesting that the FMR should be sufficient to attract tenants capable of covering the mortgage. However, the actual mortgage payment would depend on interest rates and loan terms, which are not specified here.
Another objection could be the adequacy of renter demand at 6.0%. The data shows that there are approximately 1,445 rental properties listed around ZIP 21917, indicating a robust rental market. While the exact percentage of occupied units isn't provided, the presence of numerous rental listings suggests a competitive environment where a 6.0% vacancy rate is manageable. This level of demand ensures that landlords can maintain occupancy without significant difficulty.
The final point of contention is whether housing vouchers will keep pace with the market rents. ZIP 21917 does not have specific data on voucher utilization. However, the Housing Choice Voucher program typically adjusts its payment standards to reflect local market conditions. Given the high median household income and the competitive rental market, it's reasonable to assume that voucher payments would need to increase to remain viable. Yet, the lack of specific data for ZIP 21917 means we cannot definitively state how well vouchers will align with market rents.
To summarize, the FMR of $1640 should support mortgage payments given the high median household income. A 6.0% vacancy rate is consistent with a healthy rental market, as evidenced by the number of rental listings. Lastly, while vouchers are likely to adjust to local market conditions, the absence of specific data for ZIP 21917 means we must rely on broader trends rather than precise figures.
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.