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 | $2,610 |
| 1 Bedroom | $2,930 |
| 2 Bedrooms | $3,360 |
| 3 Bedrooms | $4,080 |
| 4 Bedrooms | $5,150 |
| 5 Bedrooms | $5,974 |
| 6 Bedrooms | $6,691 |
| 7 Bedrooms | $7,226 |
| 8 Bedrooms | $7,587 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,930 | $298,746 | 0.98% | C |
| 2BR | $3,360 | $493,679 | 0.68% | D |
| 3BR | $4,080 | $992,257 | 0.41% | F |
| 4BR | $5,150 | $1,213,518 | 0.42% | F |
| 5BR | $5,974 | $1,708,516 | 0.35% | F |
U.S. Census Bureau data (2024)
Fort Lee, NJ, located in ZIP code 07024, stands out among other Bergen County ZIP codes due to its unique demographic and economic characteristics. With a population of 40,024, it has a significant rental market, with 44.5% of residents renting their homes. The median household income in Fort Lee is $107,396, reflecting a relatively affluent community. However, the median home value of $587,690 indicates that homeownership is costly, further supporting the strong rental market presence.
The voucher economics in Fort Lee are favorable for landlords and small-portfolio investors. The Fair Market Rent (FMR) for Section 8 vouchers in Fort Lee for fiscal year 2024 is set at $2,640, which is notably lower than the market rent, measured by the Zillow Observed Rental Index (ZORI), at $3,381. This difference suggests that landlords can potentially earn above voucher rates by appealing to the broader market of renters willing to pay higher premiums for the quality and location of their properties. Additionally, the lower FMR compared to market rates could attract tenants who qualify for Section 8 assistance but still have the means to cover the gap between the voucher amount and the actual market rent, providing a stable source of income for property owners.
Based on the available data, Fort Lee's real estate market appears stable. The high median income and substantial rental market indicate a steady demand for housing, both for those utilizing Section 8 vouchers and those paying market rates. While the cost of homeownership is high, the rental sector remains robust, with a significant portion of the population choosing to rent rather than buy. This balance supports a consistent environment for landlords and small-portfolio investors, making Fort Lee a reliable ZIP code for real estate investments, particularly those involving Section 8 vouchers.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.