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 | $1,810 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,330 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,830 | $680,124 | 0.42% | F |
| 4BR | $3,570 | $729,670 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 07628 presents a dynamic rental market with specific characteristics that reveal underlying trends. The Fair Market Rent (FMR) for the area, set at $1810 for fiscal year 2024, indicates a benchmark for affordable housing standards. Meanwhile, the Census ACS data shows the actual market rent to be slightly lower at $1,787. This suggests that while there is a healthy demand for rental properties, the market remains competitive, preventing rents from reaching the higher FMR levels.
The median home value of $667,091 points to an established residential area where homeownership is significant but comes with a premium. Given the lack of data on price-cut shares and days on market (DOM), it's challenging to definitively state whether supply is outpacing demand or vice versa. However, the fact that the market rent is below the FMR might imply a slight over-supply of rental units, keeping downward pressure on rental rates.
A key indicator of long-term housing pressure is the 27.3% renter share. This percentage reflects a substantial portion of the population who prefer or need to rent rather than buy homes. High renter shares often suggest persistent housing pressure, as these individuals are continually seeking rental accommodation. This can drive ongoing demand for rental properties, making it a stable market for landlords and small-portfolio investors.
In summary, ZIP 07628 is a market characterized by a balance between demand and supply, with a notable preference for renting among a significant segment of the population. Landlords should focus on maintaining competitive pricing and providing quality rental properties to attract and retain tenants in this evolving market landscape.
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.