Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,540 |
| 1 Bedroom | $2,840 |
| 2 Bedrooms | $3,270 |
| 3 Bedrooms | $3,960 |
| 4 Bedrooms | $5,000 |
| 5 Bedrooms | $5,800 |
| 6 Bedrooms | $6,496 |
| 7 Bedrooms | $7,016 |
| 8 Bedrooms | $7,367 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 4BR | $5,000 | $1,467,784 | 0.34% | F |
| 5BR | $5,800 | $2,399,906 | 0.24% | F |
U.S. Census Bureau data (2024)
The ZIP code 07627 stands out due to its unique demographic and economic characteristics. With a population of 4,911 residents, it has a relatively low rental rate of only 5.7%, indicating that most residents own their homes. The median household income in this area is $208,036, reflecting a higher-income community. Furthermore, the median home value is exceptionally high at $1,467,410, which places this ZIP in a premium residential segment.
Turning to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 07627 in fiscal year 2024 is set at $2,790. This figure is notably lower than the average market rent of $3,501 as reported by the Census Bureau's American Community Survey. Landlords and small-portfolio investors should be aware that accepting Section 8 vouchers in this ZIP code could mean receiving a subsidy that is significantly below the market rate, potentially impacting profitability.
The data signature for ZIP 07627 reads as stable. There is little indication of significant change in the near future, given the high median home values and incomes. This stability can be beneficial for long-term investment planning, but it also means that the market is likely less flexible to changes in rental rates or housing subsidies. Investors should consider these factors carefully when deciding whether to participate in the Section 8 program within this ZIP code.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.