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 07511 in Bergen-Passaic County, NJ, presents unique characteristics that set it apart from other areas. The data reveals that there are currently no specific figures available for the number of residents, the percentage of renters, the median income, or the median home value for this particular ZIP code.
However, landlords and small-portfolio investors should focus on the Section 8 voucher economics when considering investments in ZIP 07511. For fiscal year 2024, the Fair Market Rent (FMR) for this area is set at $1740. This figure is crucial for understanding the potential rental income under the Section 8 program. Despite the lack of detailed market rent data for comparison, the FMR provides a benchmark for assessing the financial viability of properties in this ZIP code.
Given the absence of comprehensive data, it's challenging to definitively categorize the ZIP 07511 as either stable or transitional. However, the presence of the FMR data suggests that there is some level of ongoing assessment and management of housing costs in the area. Landlords should monitor local trends and consult with local real estate professionals to gain insights into the current state of the market and the likelihood of stability or change over time.
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.