Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,120 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,750 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
ZIP code 07074 is situated within the Bergen-Passaic, NJ HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1500, which is higher than the average market rent of $1,127. This indicates that the area is priced above the typical rental costs within the broader metro region.
The median home value in ZIP 07074 stands at $658,223, suggesting it is a relatively affluent neighborhood compared to the overall metro area. However, the renter share of 22.8% is notably high, indicating a significant portion of residents prefer or are required to rent their homes rather than own them. This combination of factors—high FMR, above-average home values, and a substantial renter population—positions ZIP 07074 as a mid-tier neighborhood within the Bergen-Passaic, NJ HUD Metro FMR Area.
A key observation is the disparity between the FMR and the actual market rent. With an FMR of $1500 but an average market rent of only $1,127, there's potential for landlords to receive higher subsidies through the Section 8 program if they can justify rents closer to the FMR. This could make ZIP 07074 attractive for investors looking to leverage the Section 8 program effectively.
The high renter share in ZIP 07074 contrasts with its relatively high home values, which might signal a mix of affordability challenges and landlord opportunities. For landlords and small-portfolio investors, this ZIP code presents a middle ground where properties can command higher rents due to the Section 8 subsidy levels, while still being part of a more expensive residential market.
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.