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 07538, located in North Haledon, NJ, presents a mixed profile when classified along the axes of yield and stability. The Fair Market Rent (FMR) for FY 2024 is set at $1740, indicating a baseline for rental income expectations.
Market data from Zillow reveals that home values in this area range widely, with listings starting around $575,000 and reaching up to $1,069,000. These figures suggest a relatively stable market where property values are not excessively volatile, but they also indicate that the potential for high yields through flipping or rapid resale is limited due to the lack of significant price discrepancies.
The absence of specific data on the percentage of renters, average days on the market (DOM), and median household income makes it challenging to fully assess stability. However, given the range of home values and the presence of multiple listings, it can be inferred that the area supports a mix of homeowners and renters, contributing to a balanced market.
Classification: ZIP 07538 is best described as a steady-cashflow zone. The FMR of $1740 suggests a reliable rental income stream, while the moderate home value range indicates a market that is not prone to speculative bubbles or sudden downturns. This classification is driven by the consistent property values and the implied diversity of the housing market, which typically contributes to long-term stability.
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.