Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,550 |
| 1 Bedroom | $1,730 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,420 |
| 4 Bedrooms | $3,050 |
| 5 Bedrooms | $3,538 |
| 6 Bedrooms | $3,963 |
| 7 Bedrooms | $4,280 |
| 8 Bedrooms | $4,494 |
U.S. Census Bureau data (2024)
The rent math in ZIP code 07057 aligns closely with the federal guidelines. The Fair Market Rent (FMR) set at $1,630 for fiscal year 2024 is nearly identical to the reported market rent of $1,625 according to Census ACS data. This parity suggests that landlords can charge rents that meet both the needs of tenants and the expectations of federal housing programs.
Acquisition in this area is moderately priced. The median home value stands at $673,256. However, due to the lack of specific data on days on market (DOM) and the percentage of homes that required price cuts, it's challenging to assess the competitive landscape and potential negotiation room. Nonetheless, the median home value indicates that purchasing properties here is feasible for investors with mid-range budgets.
Tenant demand is strong in ZIP 07057. With a total population of 11,889, over 62.5% of residents are renters. This high renter share points to a robust market for rental properties, ensuring that landlords can find willing tenants without significant difficulty.
In conclusion, ZIP 07057 presents a balanced opportunity for landlords and small-portfolio investors. The rent math works effectively, supporting both tenants and federal guidelines. While acquisition is moderately priced, the absence of specific DOM and price-cut data hinders a comprehensive assessment of the buying market dynamics. Nevertheless, the strong tenant demand, driven by a high renter share, ensures a steady stream of potential occupants. Overall, the area is promising for those seeking stable rental income with minimal vacancy risk.
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.