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 | $1,860 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $2,900 |
| 4 Bedrooms | $3,660 |
| 5 Bedrooms | $4,246 |
| 6 Bedrooms | $4,756 |
| 7 Bedrooms | $5,136 |
| 8 Bedrooms | $5,393 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,390 | $521,591 | 0.46% | F |
U.S. Census Bureau data (2024)
ZIP code 07073, located in East Rutherford, New Jersey, is predominantly a renter-heavy area with a significant portion of its population relying on rental housing. With 64.6% of the 10,313 residents being renters, there is a strong demand for rental units, including those that cater to Section 8 tenants. The median household income in this ZIP code is $97,993, which provides a benchmark for assessing the affordability of housing.
The market rent in ZIP 07073 is $2,851 per month, representing approximately 34% of the median household income when calculated annually. This indicates that typical rents consume a substantial portion of local incomes, making affordable housing solutions like Section 8 vouchers highly sought after. In comparison, the Fair Market Rent (FMR) for the area, set at $2,020 per month for FY 2024, offers a lower threshold for affordability, suggesting that landlords who accept vouchers can attract tenants who qualify based on their income levels.
Landlords in East Rutherford should anticipate a tenant profile characterized by individuals and families who rely on Section 8 vouchers due to the high cost of living relative to income. These tenants will likely be low-income households, with annual incomes below 50% of the Area Median Income (AMI), which is necessary to qualify for the voucher program. Given the disparity between market rent and FMR, landlords who are willing to participate in the Section 8 program can expect a steady stream of qualified applicants looking for affordable housing options.
To summarize, ZIP 07073 is a renter-heavy area with a strong demand for affordable housing, particularly among low-income households. Landlords should prepare for a tenant base that includes many voucher holders, as the combination of high rents and limited income makes the Section 8 program an essential resource for many residents seeking stable housing.
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.