Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,150 |
| 1 Bedroom | $2,410 |
| 2 Bedrooms | $2,770 |
| 3 Bedrooms | $3,360 |
| 4 Bedrooms | $4,240 |
| 5 Bedrooms | $4,918 |
| 6 Bedrooms | $5,508 |
| 7 Bedrooms | $5,949 |
| 8 Bedrooms | $6,246 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,770 | $511,349 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 07014 in Clifton, NJ, represents a residential neighborhood with a total population of 4,975 residents. The area has a relatively low percentage of renters at 24.3%, indicating a predominantly owner-occupied community. Median household income in this ZIP code stands at a robust $119,545, reflecting a middle to upper-middle-class demographic. The median home value in 07014 is also impressively high at $577,221, suggesting a stable and affluent housing market.
Moving into the specifics of rental economics, the Fair Market Rent (FMR) for ZIP 07014 as of the fiscal year 2024 is set at $2,220. This figure contrasts with the actual market rent, which averages $2,525 according to the latest Census American Community Survey (ACS) data. The gap between the FMR and the market rent highlights an opportunity for landlords who can manage properties effectively to capture additional revenue beyond what the voucher program provides.
The hands-off Section 8 operator would find the ZIP 07014 environment challenging due to the discrepancy between the FMR and market rates. However, a hands-on investor willing to take on property management and potential renovations could leverage the higher market rents to create a profitable scenario. Given the affluent nature of the neighborhood and the high median home values, there's a strong case for investing in quality improvements to attract tenants willing to pay above the FMR, thus maximizing returns for those who are proactive in managing their properties.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.