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 | $1,650 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,120 |
| 3 Bedrooms | $2,570 |
| 4 Bedrooms | $3,250 |
| 5 Bedrooms | $3,770 |
| 6 Bedrooms | $4,222 |
| 7 Bedrooms | $4,560 |
| 8 Bedrooms | $4,788 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,570 | $718,872 | 0.36% | F |
U.S. Census Bureau data (2024)
The ZIP code 07022 presents a unique balance between yield and stability, making it an attractive investment opportunity for landlords and small-portfolio investors.
On the yield axis, the Fair Market Rent (FMR) for ZIP 07022 in fiscal year 2024 is set at $1,880, while the average market rent stands at $2,245. This indicates that landlords can expect to generate rental income above the FMR, which is beneficial for maximizing returns. However, the median home value in this ZIP code is $654,978, suggesting that the cost of entry into this market is relatively high. The disparity between the median home value and the rental rates implies a potential for good cash flow if managed effectively.
Moving to the stability axis, 66.8% of residents are renters, indicating a strong demand for rental properties. Unfortunately, the data does not provide the number of days on the market (DOM), which would be useful for assessing how quickly properties can be rented out. The average income in the area is $63,606, which supports the ability of tenants to pay higher rents, contributing to financial stability.
Given these figures, ZIP 07022 leans towards being a steady-cashflow zone rather than a high-yield/low-stability market. The significant rental income relative to the FMR suggests a solid yield, but the high home values and substantial resident income point to a stable environment where tenants are likely to maintain consistent payments. While there isn't enough data to conclusively label it as a flip-style market, the combination of high rental rates and strong tenant income suggests that it is not prone to frequent vacancies or default risks.
To summarize, the key figures driving this assessment are the FMR of $1,880 versus the market rent of $2,245, the median home value of $654,978, and the average income of $63,606. These numbers indicate a reliable rental market with decent yields, suitable for investors seeking a blend of profitability and security.
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.