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Cape May County/Strathmere/08248

08248

ZIPSAFMR
Cape May County, NJ
Zillow

ZIP Investment Score

40Below average

095130300
BRFMR
Eff. Rent
0 BR$1,930$1,930
1 BR$1,940$1,940
2 BR$2,370$2,370
3 BR$3,100$3,100
4 BR$3,110$3,110
5 BR$3,576Not available
6 BR$4,113Not available
7 BR$4,730Not available
8 BR$5,439Not available

Purchase Price Calculator

Maximum purchase price
$290,265

Cost breakdown

+Likely effective rent$2,370
HUD FMRUsed$2,370
Market rentN/A
Est. payment standardN/A
-Principal and interest-$1,468
Loan amount$232,212
Down payment$58,053
Rate6.50%
Term30 years
-Operating costs-$702
Property taxes-$290
Insurance-$175
Utilities$0
HOA$0
Management-$237
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$37,838(65.2% ROI)
Projected value
$312,583
Return breakdown
Property appreciation+$22,319
Loan principal paid down+$8,320
Rental cash flow+$7,200
5-year hold
+$64,979(111.9% ROI)
Projected value
$328,408
Return breakdown
Property appreciation+$38,143
Loan principal paid down+$14,836
Rental cash flow+$12,000
10-year hold
+$140,650(242.3% ROI)
Projected value
$371,563
Return breakdown
Property appreciation+$81,299
Loan principal paid down+$35,352
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Not enough rental comps in this area to determine how FMR aligns with current market rates.

Historical
FY 2023-2027
FMR
FY2027
Property value
--
Tax rate
--
Mortgage rate
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ZIP 08248 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 08248 (Strathmere, NJ) is $2,370 a month. That is up 3.9% from $2,280 in FY 2026. Strathmere is in the Cape May County, NJ HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $1,857. Among 22 ZIP codes in Cape May County, 08248 has the 2nd-highest two-bedroom rent (county range $1,620–$2,400). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 08248 is 6% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 08248
BedroomsFY 2027Change90–110% range
Studio$1,930+14.9%$1,737–$2,123
1BR$1,940+11.5%$1,746–$2,134
2BR$2,370+3.9%$2,133–$2,607
3BR$3,100+2.0%$2,790–$3,410
4BR$3,110+2.0%$2,799–$3,421

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 08248
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,930$1,940$2,370$3,100$3,110
FY 2026$1,680$1,740$2,280$3,040$3,050
FY 2025$1,390$1,410$1,850$2,480$2,490
FY 2024$1,330$1,440$1,890$2,370$2,510
FY 2023$1,240$1,400$1,840$2,280$2,460

Two-bedroom rent in nearby Cape May County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 08248
08226$2,270−4.2%
08230$2,400+1.3%
08242$1,800−24.1%
08243$2,300−3.0%
08245$2,030−14.3%
08246$2,030−14.3%
08247$2,180−8.0%
08248Current$2,370—
08250$1,860−21.5%
08251$2,050−13.5%
08252$1,860−21.5%
08260$1,620−31.6%

Questions about ZIP 08248 rents

How much will Section 8 pay for a two-bedroom in ZIP 08248?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $1,857, which applies unless the housing authority uses Small Area FMRs, that basic range is $1,671 to $2,043 a month; under the ZIP-level Small Area FMR of $2,370 it would be $2,133 to $2,607. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.

Which HUD fair market rent area is ZIP 08248 in?

ZIP 08248 is in the Cape May County, NJ HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $1,857.

How much did fair market rent change in ZIP 08248 for FY 2027?

The two-bedroom FMR rose 3.9%, from $2,280 in FY 2026 to $2,370 in FY 2027. Since FY 2023 it has risen 28.8%.

When do FY 2027 fair market rents take effect?

HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.

Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set

County fair market rentStrathmere, NJ fair market rentNJ statewide rentsWhat is SAFMR?Data sources