What HUD offices serve Cape May, New Jersey?
Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.
Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Cape May.
How many renters live in Cape May, New Jersey?
The City of Cape May has 2,815 people living in 1,233 households.
There are 1,278 renters living in 514 renter households in this City. Renters make up 45.4 percent of the population living in Cape May.
What is the rental market like in Cape May, New Jersey?
There are an estimated 3,877 housing units in the Cape May area. Of these, 996 units are rental homes, making up 26 percent of the housing market. For every renter household in Cape May, New Jersey, there are 2 rental units.
What is the vacancy rate for rentals in Cape May?
The rental vacancy rate in Cape May is 44 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Cape May for each bedroom size?
Occupied Rental Units by Size in Cape May
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 63 | 113 | 242 | 78 | 18 |
Occupied Rental Units by Size in Cape May
A large number of apartments in Cape May have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Cape May are overburdened by housing costs?
Among renter households in this market, 29 percent have housing cost burden. Further, 12 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Cape May
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,107 to $2,090. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,107 |
| One BR | $1,194 |
| Two BR | $1,569 |
| Three BR | $1,973 |
| Four BR | $2,090 |
2024 Fair Market Rents in Cape May, New Jersey
How many units are rented at Fair Market Rent (FMR) in Cape May?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 63 | 100 percent |
| One BR | 78 | 69 percent |
| Two BR | 48 | 20 percent |
Rental Units Below FMR in Cape May, New Jersey
How many affordable rental units are in Cape May?
There are a variety of federal affordable housing programs serving households in Cape May, New Jersey including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 133 |
| Public Housing | 55 |
| Section 8 Project-Based Rental Assistance | 194 |
Tracked Units by Federal Program in Cape May, New Jersey
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Cape May, New Jersey
Cape May features 172 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Cape May, New Jersey
There are 90 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Cape May.
Housing Choice Vouchers in Cape May, New Jersey
On average, Section 8 Housing Choice vouchers pay Cape May landlords $900 per month towards rent. The average voucher holder contributes $400 towards rent in Cape May.
The maximum amount a voucher would pay on behalf of a low-income tenant in Cape May, New Jersey for a two-bedroom apartment is between $1,412 and $1,726.
Sourced from federal housing data and AffordableHousingOnline.com research.
