Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $1,960 |
| 4 Bedrooms | $2,470 |
| 5 Bedrooms | $2,865 |
| 6 Bedrooms | $3,209 |
| 7 Bedrooms | $3,466 |
| 8 Bedrooms | $3,639 |
U.S. Census Bureau data (2024)
The ZIP code 07505 presents several challenges for first-time Section 8 landlords. Tenant turnover is a significant issue, with market rents at $1,159 being notably lower than the Fair Market Rent (FMR) of $1,330 for FY 2024. This discrepancy can lead to difficulties in attracting tenants who qualify for the program, potentially resulting in higher vacancy rates. The average Days on Market (DOM) for rental listings is not available, which makes it difficult to predict how quickly properties might be filled once they become vacant. Additionally, the lack of data on typical home values in the area, combined with a median income of $36,326, suggests that many residents may struggle to afford maintenance costs, increasing the likelihood of deferred maintenance issues.
However, these risks must be weighed against the high renter share in ZIP 07505, which stands at 98.8%. Such a high percentage of renters typically translates into strong demand for housing vouchers, indicating a robust pool of potential Section 8 tenants. This high demand can help mitigate the risk of vacancies and ensure a steady stream of qualified applicants.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance concerns, the high renter density in ZIP 07505 suggests a moderate risk environment for a first-time Section 8 landlord. The strong demand for housing vouchers provides a buffer against some of the inherent risks of the program.
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.