Section 8 Fair Market Rent (FMR) for ZIP 07438 - 2027

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

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population
11,160
Median Household Income
$123,271
Housing Units
4,509
Renter Percentage
13.7%
Occupancy Rate
97.4%
Renter Occupied
600

Housing Authorities Serving ZIP 07438

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.