Section 8 Fair Market Rent (FMR) for ZIP 07474 - 2027
Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,620 |
| 1 Bedroom | $1,810 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $3,190 |
| 5 Bedrooms | $3,700 |
| 6 Bedrooms | $4,144 |
| 7 Bedrooms | $4,476 |
| 8 Bedrooms | $4,700 |
To determine if you should buy in ZIP 07474 for Section 8, follow this decision tree:
- Does FMR $1740 (zip FY 2024) clear debt service on a property?
- If yes: Proceed to the next question.
- If no: Do not invest in this ZIP code for Section 8. The Fair Market Rent (FMR) is insufficient to cover your mortgage and other expenses.
- Is market rent above, at, or below FMR?
- If above: This indicates strong rental demand, but you will need to consider if Section 8 tenants can afford higher rents. It depends on the specific properties and their location within the ZIP code.
- If at: This ZIP code aligns well with the FMR, making it a suitable area for Section 8 investments. Proceed to the final question.
- If below: Lower market rents may indicate weaker demand or lower property values. It depends on whether the lower rents still allow you to clear debt service and the overall investment climate.
- Are renters' percentages and days on market (DOM) sufficient?
- If the percentage of renters is high and DOM is low: There is strong demand for rentals in this ZIP code, which is beneficial for Section 8 investments. Yes, consider investing here.
- If the percentage of renters is moderate and DOM is average: Demand is present but not overwhelming. It depends on other factors such as vacancy rates and competition.
- If the percentage of renters is low and DOM is high: Weak demand for rentals suggests that finding tenants might be challenging. No, this ZIP code is not ideal for Section 8 investments.
Note: Specific data points for market rent, percentage of renters, and DOM are currently unavailable for ZIP 07474. You must obtain these details before making an informed decision. Without precise figures, the answers to the second and third questions remain contingent upon the actual numbers.
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.