Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,820 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,340 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,590 |
| 5 Bedrooms | $4,164 |
| 6 Bedrooms | $4,664 |
| 7 Bedrooms | $5,037 |
| 8 Bedrooms | $5,289 |
U.S. Census Bureau data (2024)
Cliffside Park, NJ, located in Bergen County, is distinguished by its relatively high population density with 25,781 residents. The ZIP code 07010 has a significant rental market, with 48.6% of its residents renting their homes. This ZIP code boasts a median income of $93,452, indicating a middle-class community, and a median home value of $645,131, reflecting a moderately expensive housing market.
For landlords and small-portfolio investors, the voucher economics present a clear opportunity. The Fair Market Rent (FMR) for ZIP 07010 for fiscal year 2024 is set at $2,000, whereas the Zillow Observed Rent Index (ZORI) stands at $2,652. This difference means that landlords can potentially secure long-term tenants through Section 8 vouchers while still achieving a rent rate close to the market average. The gap between FMR and ZORI suggests that landlords might find it advantageous to accept Section 8 vouchers, as they can offer a stable income stream without significantly compromising on rental rates.
The data signature for ZIP 07010 indicates a stable environment. With a substantial portion of residents renting and a median income that supports a moderate cost of living, the area provides a reliable tenant base. The median home value also points towards a steady property market, which is favorable for investors looking to maintain or grow their real estate portfolios. Given these factors, Cliffside Park appears to be a stable investment option for those interested in Section 8 properties.
Data Sources: FMR data from HUD (2027). 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.