Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| 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 |
The ZIP code 07509 in Bergen-Passaic County stands out due to the lack of comprehensive demographic data available, including resident numbers, rental percentages, median income, and median home values. This scarcity of information can make it challenging for landlords and small-portfolio investors to assess the local housing market accurately.
Moving to the specifics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 07509 has been set at $1740 for fiscal year 2024. While this figure is known, the market rent and other comparative metrics remain unspecified, making it difficult to gauge how competitive these voucher amounts are relative to the actual cost of renting in the area.
In the absence of detailed market rent data, landlords must rely on the FMR to determine the viability of accepting Section 8 tenants. Given that the FMR is a fixed amount set by HUD, landlords should be aware that this does not necessarily reflect the full range of rents in the area, which could be higher or lower depending on the specific property and location within the ZIP code.
Considering the incomplete data signature for ZIP 07509, the overall assessment leans towards being transitional. The lack of definitive figures suggests ongoing changes or developments in the area that have yet to be fully captured by official data sources. Landlords and investors should stay vigilant for updates and new information that could provide a clearer picture of the ZIP's economic status and trends.
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.