Location: Jersey City, NJ | Metro: Jersey City, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,460 |
| 1 Bedroom | $2,510 |
| 2 Bedrooms | $2,790 |
| 3 Bedrooms | $3,390 |
| 4 Bedrooms | $3,970 |
| 5 Bedrooms | $4,605 |
| 6 Bedrooms | $5,158 |
| 7 Bedrooms | $5,571 |
| 8 Bedrooms | $5,850 |
ZIP code 07303 is located in the town of Short Hills, New Jersey, a part of the greater Morristown area. This neighborhood is characterized by its affluent and suburban setting, with a significant portion of residents being homeowners rather than renters. While specific demographic data such as population size and exact percentages of renters are not available, the median household income in this area is notably high, reflecting the overall wealth of the community.
The median home value in Short Hills is also impressively high, indicating strong demand for housing in this exclusive location. The economic landscape of Short Hills is favorable for real estate investment, particularly in rental properties. According to the Department of Housing and Urban Development (HUD), the Fair Market Rent (FMR) for ZIP 07303 for fiscal year 2024 is set at $2300. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program, which aims to provide affordable housing options to low-income families.
In comparison, the market rent in Short Hills is typically higher than the FMR, reflecting the premium associated with living in this desirable suburb. However, the exact market rent figures are currently unavailable. For a hands-off voucher operator, Short Hills offers a stable and high-rent environment, where the HUD-set rates ensure a steady income stream without the need for active management or extensive property improvements. On the other hand, for a hands-on value-add buyer, the opportunity to command higher rents in the private market presents an attractive scenario for maximizing returns through strategic property enhancements and marketing efforts.
In conclusion, ZIP 07303 in Short Hills, NJ, is well-suited for both types of investors. A hands-off operator can rely on the guaranteed income from the $2300 FMR, while a hands-on investor has the potential to achieve higher yields by leveraging the strong local real estate market.
Data Sources: FMR data from HUD (2027).
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.