19138

ZIPSAFMR

Philadelphia County, PA

ZIP Investment Score

184High yield potential

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,230	$940	3.2%
1 BR	$1,330	$1,150	2.4%
2 BR	$1,590	$1,540	2.2%
3 BR	$1,890	$1,740	1.6%
4 BR	$2,090	$1,900	0.2%
5 BR	$2,404	Not available	0.2%
6 BR	$2,764	Not available	0.2%
7 BR	$3,179	Not available	0.2%
8 BR	$3,655	Not available	0.2%

Purchase Price Calculator

Maximum purchase price

$166,927

Cost breakdown

+Likely effective rent$1,540

HUD FMR$1,590

Market rentUsed$1,540

Est. payment standard (98%)$1,560

-Principal and interest-$844

Loan amount$133,542

Down payment$33,385

Rate6.50%

Term30 years

-Operating costs-$496

Property taxes-$167

Insurance-$175

Utilities$0

HOA$0

Management-$154

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$24,820(74.3% ROI)

Projected value

$179,762

Return breakdown

Property appreciation+$12,835

Loan principal paid down+$4,784

Rental cash flow+$7,200

5-year hold

+$42,468(127.2% ROI)

Projected value

$188,862

Return breakdown

Property appreciation+$21,936

Loan principal paid down+$8,532

Rental cash flow+$12,000

10-year hold

+$91,084(272.8% ROI)

Projected value

$213,681

Return breakdown

Property appreciation+$46,754

Loan principal paid down+$20,330

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

1.31ratio

FMR$1,230

Market$940

vs market+$290

FMR is above market; underwrite to market rent.

1.31

1 BR

1.16ratio

FMR$1,330

Market$1,150

vs market+$180

FMR is above market; underwrite to market rent.

1.16

2 BR

1.03ratio

FMR$1,590

Market$1,540

vs market+$50

FMR is near market; voucher and private rents are aligned.

1.03

3 BR

1.09ratio

FMR$1,890

Market$1,740

vs market+$150

FMR is near market; voucher and private rents are aligned.

1.09

4 BR

1.10ratio

FMR$2,090

Market$1,900

vs market+$190

FMR is near market; voucher and private rents are aligned.

1.10

0.700.800.901.001.101.201.30aligned range

Historical

FY 2023-2027

FMR: FY2027
Market rent: last ~365 days
Property value: --
Tax rate: --
Mortgage rate: --

ZIP 19138 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 19138 (Philadelphia, PA) is $1,590 a month. That is up 1.9% from $1,560 in FY 2026. Philadelphia is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 60 ZIP codes in Philadelphia County, 19138 is tied for the 50th-highest two-bedroom rent (county range $1,350–$2,790). The median county two-bedroom FMR in Pennsylvania is $1,136, so ZIP 19138 is 40% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 19138
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,200	$1,230	+2.5%	$1,107–$1,353
1BR	$1,310	$1,330	+1.5%	$1,197–$1,463
2BR	$1,560	$1,590	+1.9%	$1,431–$1,749
3BR	$1,870	$1,890	+1.1%	$1,701–$2,079
4BR	$2,090	$2,090	0.0%	$1,881–$2,299

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 19138
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,230	$1,330	$1,590	$1,890	$2,090
FY 2026	$1,200	$1,310	$1,560	$1,870	$2,090
FY 2025	$1,190	$1,310	$1,560	$1,880	$2,140
FY 2024	$1,120	$1,240	$1,490	$1,800	$2,080
FY 2023	$930	$1,050	$1,270	$1,550	$1,800

Two-bedroom rent in nearby Philadelphia County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 19138
19132	$1,460	−8.2%
19133	$1,350	−15.1%
19134	$1,530	−3.8%
19135	$1,650	+3.8%
19136	$1,600	+0.6%
19137	$1,600	+0.6%
19138Current	$1,590	—
19139	$1,560	−1.9%
19140	$1,510	−5.0%
19141	$1,400	−11.9%
19142	$1,680	+5.7%
19143	$1,720	+8.2%

Questions about ZIP 19138 rents

How much will Section 8 pay for a two-bedroom in ZIP 19138?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,590, that basic range is $1,431 to $1,749 a month. 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 19138 in?

ZIP 19138 is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 19138 for FY 2027?

The two-bedroom FMR rose 1.9%, from $1,560 in FY 2026 to $1,590 in FY 2027. Since FY 2023 it has risen 25.2%.

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 rent Philadelphia, PA fair market rent PA statewide rents What is SAFMR?Data sources