Location: Newark, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,750 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
U.S. Census Bureau data (2024)
ZIP code 07438, located in Oak Ridge, New Jersey, stands out within Morris County due to its unique demographic and economic characteristics. With a population of 11,160 residents, only 13.7% rent their homes, indicating a strong preference for homeownership in the area. The median income of $123,271 suggests that residents have a relatively high purchasing power, while the median home value of $521,085 reflects the high cost of living and property values typical of suburban New Jersey.
The economics of Section 8 vouchers in ZIP 07438 are particularly noteworthy. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,170, which is significantly higher than the average market rent of $1,387 reported by the Census Bureau's American Community Survey (ACS). This disparity highlights the potential financial benefits for landlords who accept Section 8 vouchers, as they can receive higher rental payments compared to the local market rates.
Given the data signature, ZIP 07438 appears to be a stable area with a strong economy and a preference for homeownership over renting. However, the presence of Section 8 vouchers could indicate some transitional dynamics within the housing market, especially if there is an influx of low-income renters seeking subsidized housing options. For small-portfolio investors and landlords, the opportunity to capitalize on higher FMRs while providing affordable housing to tenants could present a balanced approach to investment and social responsibility.
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.