Location: Jersey City, NJ | Metro: Jersey City, 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 | $2,310 |
| 1 Bedroom | $2,360 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,730 |
| 5 Bedrooms | $4,327 |
| 6 Bedrooms | $4,846 |
| 7 Bedrooms | $5,234 |
| 8 Bedrooms | $5,496 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,360 | $296,321 | 0.8% | D |
| 2BR | $2,620 | $481,472 | 0.54% | F |
| 3BR | $3,180 | $662,906 | 0.48% | F |
U.S. Census Bureau data (2024)
West New York, ZIP code 07093, is a densely populated urban enclave along the Hudson River characterized by high-rise residential towers and vibrant commercial corridors like Bergenline Avenue. The area functions largely as a bedroom community for Manhattan, offering residents extensive transit options and sweeping skyline views. Local economic stability is supported by major regional employers, including the Palisades Medical Center, which serves as a key healthcare institution and employer within Hudson County.
From a numerical standpoint, the HUD Fair Market Rent (FMR) for a 2-bedroom unit is currently set at $2,100, whereas the prevailing market rent (Zillow ZORI) reaches $2,637. This results in a negative monthly gap of $537, meaning standard voucher payments fall below market rates. Median home values sit at $442,362, with a median 2BR sale price of $475,773 and properties taking a median of 75 days to sell. Based strictly on the data, standard voucher tenants do not cash-flow here against market benchmarks without substantial tenant contributions or rent-ups.
Demand drivers remain robust despite the rent gap. The area boasts a 73.6% renter share and a median household income of $73,174, indicating a population that relies heavily on rental housing. This demographic pressure suggests a consistent pool of applicants. The neighborhood is served by the West New York School District, offering local educational options, and provides direct access to Manhattan via multiple bus lines, making it a practical location for working professionals.
The Section 8 verdict for 07093 leans toward stability and appreciation over immediate cash flow. The $537 gap between the $2,100 SAFMR and the $2,637 market rent is a significant hurdle for investors seeking purely passive income. However, the high renter share and solid median income imply strong occupancy potential. Investors should view this market as a play for long-term asset appreciation and steady tenant retention rather than maximizing monthly HUD subsidies.
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.