Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,100 |
| 3 Bedrooms | $2,550 |
| 4 Bedrooms | $3,220 |
| 5 Bedrooms | $3,735 |
| 6 Bedrooms | $4,183 |
| 7 Bedrooms | $4,518 |
| 8 Bedrooms | $4,744 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 07513 in the Bergen-Passaic, NJ HUD Metro FMR Area for fiscal year 2024 is set at $1750 per month. This figure is slightly above the market rent of $1727 reported by the Census Bureau's American Community Survey (ACS). For landlords and small-portfolio investors participating in the Section 8 program, this means that voucher tenants will generally cashflow at the FMR rate, providing a modest but positive return on investment without the need for premium unit pricing.
To further analyze the investment potential, consider the median home value in ZIP 07513, which stands at $581,279. Using the HUD FMR of $1750, we can calculate a rent-to-price ratio of approximately 0.37%. This ratio indicates that rental income represents a small percentage of the property's total value, suggesting that appreciation rather than rental income might be the stronger driver of returns for investors in this area.
Note that the data does not provide a median Days on Market (DOM) or the percentage of price cuts shared among sellers, making it challenging to draw direct comparisons between rental and home buying markets. However, given the robust median home value and slight premium in FMR over market rent, investors should focus on the stability and predictability of cash flow from Section 8 tenants. The strong housing market fundamentals support the idea that appreciation could also be a significant factor in overall investment performance.
The strongest angle for Section 8 investors in ZIP 07513 is likely appreciation, given the high median home values and the slight premium in FMR over market rents, which suggests a stable and growing local economy.
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.