Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,460 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,880 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,880 |
| 5 Bedrooms | $3,341 |
| 6 Bedrooms | $3,742 |
| 7 Bedrooms | $4,041 |
| 8 Bedrooms | $4,243 |
U.S. Census Bureau data (2024)
The ZIP code 07524 offers a unique balance between yield and stability, making it an interesting market for both landlords and small-portfolio investors.
Firstly, let's examine the yield potential. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $1,620, which is notably lower than the average market rent of $2,113. This suggests that there is room for rental income above the subsidized rate, potentially increasing the yield for landlords who can secure market rents. However, the median home value of $530,807 indicates a relatively high investment cost, which could impact overall returns when considering property acquisition expenses.
Moving on to stability, the ZIP code has a significant 80.6% of residents who are renters, which is a positive indicator for the demand for rental properties. Unfortunately, the data does not provide information on the number of days on the market (DOM), which would help assess the ease of finding tenants. Additionally, the median household income of $49,103 is moderate and could influence the ability of renters to pay higher market rates consistently.
Based on these figures, ZIP 07524 does not fit neatly into either a high-yield/low-stability flip-style market or a steady-cashflow zone. Instead, it represents a middle ground where investors can achieve decent yields while maintaining a relatively stable tenant base. The key to success here will be managing the property effectively to ensure consistent market rents are achieved and maintained over time.
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.