Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,340 |
| 1 Bedroom | $2,600 |
| 2 Bedrooms | $2,970 |
| 3 Bedrooms | $3,620 |
| 4 Bedrooms | $4,500 |
| 5 Bedrooms | $5,220 |
| 6 Bedrooms | $5,846 |
| 7 Bedrooms | $6,314 |
| 8 Bedrooms | $6,630 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,620 | $1,236,956 | 0.29% | F |
| 4BR | $4,500 | $1,507,443 | 0.3% | F |
| 5BR | $5,220 | $2,404,421 | 0.22% | F |
U.S. Census Bureau data (2024)
The ZIP code 07458 presents a dynamic rental market with strong indications that demand outpaces supply. The Fair Market Rent (FMR) set at $2,840 for fiscal year 2024 is notably lower than the actual market rent of $3,440 based on Census ACS data, suggesting that landlords can command higher rents than the government benchmark. This discrepancy is further supported by the low price-cut share of 0.1%, indicating that few properties need to reduce their asking prices to attract tenants. While the days on market (DOM) data is currently unavailable, the high market rent relative to FMR implies swift leasing activity.
The median home value of $1,585,062 underscores the affluent nature of the area, which likely contributes to a stable rental market. However, the 11.2% renter share is relatively low, hinting at a preference for homeownership among residents. Despite this, the low renter share also suggests long-term housing pressure as a significant portion of the population opts to buy rather than rent, leading to potential challenges in finding affordable rental options for those who cannot afford to purchase homes in this expensive market. This dynamic could push renters towards more competitive submarkets or force them into shared living situations to manage costs.
In summary, 07458's rental market is robust, with demand exceeding supply, evidenced by the premium landlords can charge over FMR and the minimal need for price adjustments. The high median home value and low renter share indicate a challenging environment for renters, potentially driving up competition and rental rates. Landlords and small-portfolio investors should expect a favorable climate for rental income, but be prepared for the ongoing challenge of meeting the needs of an increasingly price-sensitive renter demographic.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.