Section 8 Fair Market Rent (FMR) for ZIP 07013 - 2027

Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,790
1 Bedroom	$2,010
2 Bedrooms	$2,310
3 Bedrooms	$2,810
4 Bedrooms	$3,540
5 Bedrooms	$4,106
6 Bedrooms	$4,599
7 Bedrooms	$4,967
8 Bedrooms	$5,215

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

30,811

Median Household Income

$116,273

Housing Units

12,496

Renter Percentage

28.6%

Occupancy Rate

97.6%

Renter Occupied

3,484

Housing Authorities Serving ZIP 07013

Paterson Housing Authority (Paterson, NJ) - 3,000 Section 8 vouchers
Housing Authority of the City of Passaic (Passaic, NJ) - 2,159 Section 8 vouchers
Passaic County Public Housing Agency (Wayne, NJ) - 842 Section 8 vouchers
Clifton Housing Authority (Clifton, NJ) - 270 Section 8 vouchers

ZIP code 07013, located in Clifton, NJ, is situated within the Bergen-Passaic, NJ HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,850. Comparatively, the average market rent for ZIP codes in the Bergen-Passaic area is around $1,671, indicating that 07013 has a slightly higher FMR than the typical ZIP in its metro area.

The median home value in 07013 stands at $636,662, which aligns closely with the average home values found in the larger Bergen-Passaic region. This suggests that the housing market in 07013 is neither significantly undervalued nor overvalued compared to its surrounding areas.

A notable aspect of 07013 is its renter share, which is 28.6%. This figure is above the national average and suggests a substantial demand for rental properties. However, it's important to note that while the renter share is high, the home values are in line with the metro average, making 07013 a potentially attractive location for landlords seeking a balance between tenant demand and property investment costs.

Given the data, 07013 can be classified as a mid-tier neighborhood within the Bergen-Passaic metro area. It offers rental rates slightly above the average but maintains comparable home values, suggesting it is neither a premium sub-market nor a value pocket. The high renter share could indicate a strong rental market, particularly appealing for those interested in Section 8 housing opportunities.

To further contextualize the position of 07013 within the Bergen-Passaic area, consider the following:

Rental Market: With an FMR of $1,850 and a market rent of $1,671, landlords can expect to charge slightly above the market rate, especially if they are participating in Section 8 programs.
Housing Values: Home values at $636,662 suggest a stable and middle-range housing market, suitable for both owner-occupiers and investors looking for moderate appreciation potential.
Tenant Demand: A renter share of 28.6% points to a robust demand for rental units, which can be beneficial for landlords aiming to maximize occupancy rates and long-term profitability.

In summary, ZIP 07013 presents a balanced opportunity for landlords and small-portfolio investors within the Bergen-Passaic metro area. While it is not a premium sub-market with exceptionally high rents or home values, its characteristics make it a solid choice for those looking to enter or expand their presence in the local rental market.

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.