Section 8 Fair Market Rent (FMR) for ZIP 07403 - 2027

Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,780
1 Bedroom	$1,990
2 Bedrooms	$2,290
3 Bedrooms	$2,780
4 Bedrooms	$3,510
5 Bedrooms	$4,072
6 Bedrooms	$4,561
7 Bedrooms	$4,926
8 Bedrooms	$5,172

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

7,685

Median Household Income

$128,010

Housing Units

2,961

Renter Percentage

28.6%

Occupancy Rate

96.8%

Renter Occupied

821

Housing Authorities Serving ZIP 07403

Paterson Housing Authority (Paterson, NJ) - 3,000 Section 8 vouchers
Housing Authority of the City of Passaic (Passaic, NJ) - 2,159 Section 8 vouchers
Passaic County Public Housing Agency (Wayne, NJ) - 842 Section 8 vouchers
Clifton Housing Authority (Clifton, NJ) - 270 Section 8 vouchers

Bloomingdale, NJ, located in the heart of Morris County, is a desirable suburban community known for its excellent schools, vibrant local culture, and proximity to major cities like New York and Newark. This area offers a mix of residential properties, making it attractive for both homeowners and renters.

The Fair Market Rent (FMR) for ZIP 07403 in fiscal year 2024 is set at $2,240. This figure represents the maximum rental cost for a two-bedroom apartment, which is a key benchmark for landlords participating in the Section 8 program.
The average market rent for properties in Bloomingdale, according to the Census Bureau's American Community Survey (ACS), is $1,753. This indicates that the rental market is below the FMR, providing landlords with an opportunity to attract tenants while still complying with Section 8 guidelines.
The median home value in Bloomingdale is $548,127. This suggests a stable housing market where property values are likely to remain steady or increase over time, offering good potential for appreciation.
Renters make up 28.6% of the population, indicating a significant demand for rental properties. Landlords can capitalize on this demographic by offering well-maintained, affordable units.
The median household income in Bloomingdale is $128,010, which is notably high. This financial stability among residents supports a robust rental market and reduces the risk of tenant default.
The Days on Market (DOM) for properties in Bloomingdale is currently listed as N/A, suggesting either limited data availability or a very active market where properties sell quickly.

In summary, Bloomingdale presents a favorable investment climate for landlords and small-portfolio investors. The gap between the market rent and the FMR provides a competitive edge, while the high median income and strong home values indicate a financially secure tenant base. With a substantial portion of the population renting, there is consistent demand for rental properties. However, the lack of specific DOM data should be noted, as it could imply rapid sales cycles or limited recent sales activity.

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.