Section 8 Fair Market Rent (FMR) for ZIP 07110 - 2027
Location: Newark, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,690 |
| 1 Bedroom | $1,910 |
| 2 Bedrooms | $2,310 |
| 3 Bedrooms | $2,880 |
| 4 Bedrooms | $3,300 |
| 5 Bedrooms | $3,828 |
| 6 Bedrooms | $4,287 |
| 7 Bedrooms | $4,630 |
| 8 Bedrooms | $4,862 |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$119,646
Housing Authorities Serving ZIP 07110
- Newark Housing Authority (Newark, NJ) - 8,481 Section 8 vouchers
- Paterson Housing Authority (Paterson, NJ) - 3,000 Section 8 vouchers
- Housing Authority of the City of Passaic (Passaic, NJ) - 2,159 Section 8 vouchers
- East Orange Housing Authority (East Orange, NJ) - 1,596 Section 8 vouchers
- Passaic County Public Housing Agency (Wayne, NJ) - 842 Section 8 vouchers
- Housing Authority of the City of Orange (Orange, NJ) - 748 Section 8 vouchers
- Irvington Housing Authority (Irvington, NJ) - 474 Section 8 vouchers
- Montclair Housing Authority (Montclair, NJ) - 325 Section 8 vouchers
- BLOOMFIELD TOWNSHIP HA (Bloomfield, NJ) - 275 Section 8 vouchers
- Clifton Housing Authority (Clifton, NJ) - 270 Section 8 vouchers
To determine if a landlord should invest in ZIP 07110 (Nutley, NJ) for Section 8 properties, follow this decision tree:
- Does the Fair Market Rent (FMR) of $1990 cover the debt service on a $654,892 property?
- Yes. The FMR of $1990 can potentially cover the debt service on a property valued at $654,892, assuming the debt service is within the rental income generated. However, this also depends on the interest rate and loan terms. If the monthly debt service is less than or equal to $1990, then it is feasible.
- No. If the monthly debt service exceeds $1990, then investing in Section 8 properties in Nutley, NJ, would not be advisable as the rental income would not sufficiently cover the costs.
- Is the market rent ($2,456 ZORI) above, at, or below the FMR?
- Above FMR. At $2,456, the market rent is significantly higher than the FMR of $1990. This indicates that landlords could potentially earn more from market-rate tenants than from Section 8 tenants. Therefore, if the goal is to maximize rental income, it might be better to consider market-rate options.
- At or Below FMR. If the market conditions were such that ZORI was at or below $1990, then Section 8 would be a more competitive option. However, this is not the case for ZIP 07110.
- Are there enough renters and days on market (DOM) to meet demand?
- It depends. With 29.7% of the population being renters, there is a decent level of demand. However, the lack of data on days on market (DOM) makes it difficult to assess how quickly units are rented. A low DOM would indicate high demand, while a high DOM would suggest lower demand. Without this information, it's challenging to make a definitive recommendation.
The decision to invest in ZIP 07110 for Section 8 properties hinges on these factors. If the FMR covers debt service and market rents are not substantially higher, then Section 8 could be a viable investment. However, if market rents are much higher and there's uncertainty about the speed of renting units, then other investment strategies may be more profitable.
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.