ZIP 08640 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 08640 in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA FMR area.

$2,160Efficiency
$2,3401 bedroom
$2,7902 bedrooms
$3,3203 bedrooms
$3,6704 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,160$1,944$2,376$1,438
1 bedroom$2,340$2,106$2,574$1,558
2 bedrooms$2,790$2,511$3,069$1,860
3 bedrooms$3,320$2,988$3,652$2,216
4 bedrooms$3,670$3,303$4,037$2,445

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Income in ZIP 08640

$61,347average adjusted gross income per tax return (2022)
$59,329average salaries and wages per return
940tax returns filed
55%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00010.6%
$25,000 to $50,00033.0%
$50,000 to $75,00028.7%
$75,000 to $100,00013.8%
$100,000 to $200,00013.8%
$200,000 or more0.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 17.0% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 08640?

HUD's FY2027 Small Area FMRs for ZIP 08640 (Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA) are $2,160 efficiency, $2,340 one bedroom, $2,790 two bedrooms, $3,320 three and $3,670 four bedrooms.

What payment standard can a housing authority set in ZIP 08640?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,511 to $3,069.

How affordable is rent in ZIP 08640?

Tax returns filed from ZIP 08640 reported an average adjusted gross income of $61,347 (2022). A two-bedroom unit at the Small Area FMR costs $33,480 a year, or 55% of that income.