Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,890 |
| 1 Bedroom | $2,120 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $2,950 |
| 4 Bedrooms | $3,720 |
| 5 Bedrooms | $4,315 |
| 6 Bedrooms | $4,833 |
| 7 Bedrooms | $5,220 |
| 8 Bedrooms | $5,481 |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP code 07608 in the Bergen-Passaic, NJ HUD Metro FMR Area for fiscal year 2024 is set at $2130. This figure represents the maximum amount that landlords can charge tenants who are using Housing Choice Vouchers, commonly known as Section 8 vouchers. In comparison, the market rent as per the Census American Community Survey (ACS) stands at $1982, indicating that voucher tenants will generally cashflow at the FMR rate without needing premium units.
The median home value in ZIP 07608 is not available, which means we cannot directly calculate a rent-to-price ratio. However, given the higher FMR compared to the market rent, landlords can expect a stable income stream from voucher tenants, as they are subsidized up to the FMR level. This stability is crucial for long-term investment planning and ensures that rental properties remain occupied even during economic downturns.
Although the days on market (DOM) and the percentage of homes that had to reduce their asking price are not available, these factors typically influence the rent-versus-buy decision. In ZIP 07608, the lack of data on these metrics suggests a balanced market where neither renting nor buying significantly outperforms the other, making rental investments a solid choice for investors focused on steady returns.
The strongest angle for Section 8 investors in ZIP 07608 is stability. With a guaranteed rent that exceeds the market rate, landlords can secure consistent cash flow and avoid the volatility often associated with market-rate rentals.
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.