Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,790 |
| 1 Bedroom | $2,000 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,790 |
| 4 Bedrooms | $3,520 |
| 5 Bedrooms | $4,083 |
| 6 Bedrooms | $4,573 |
| 7 Bedrooms | $4,939 |
| 8 Bedrooms | $5,186 |
U.S. Census Bureau data (2024)
The ZIP code 07642, located in Monmouth County, New Jersey, stands out due to its unique data profile. With a population of 10,144 residents, only 7.2% of whom rent their homes, this area has a relatively low rental rate compared to national averages. The median income for residents in this ZIP code is a robust $186,688, reflecting a high standard of living. Additionally, the median home value is impressively high at $842,989, indicating that homeownership is a significant factor in the local economy.
Turning to the economics of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 07642 in fiscal year 2024 is set at $1,830. This figure is slightly above the Census-reported market rent of $1,764, based on the American Community Survey data. For landlords and small-portfolio investors, this means that Section 8 tenants can afford rents that are close to market rates, which is beneficial for maintaining cash flow and property values.
The data signature for ZIP 07642 reads as stable. High median incomes and home values suggest a strong local economy and a low risk of sudden changes in housing demand. The slight premium of FMR over market rent indicates that Section 8 vouchers are well-suited to the local rental market, without putting undue financial strain on landlords. Overall, this ZIP code presents a favorable environment for those considering accepting Section 8 tenants, with a solid foundation for long-term investment.
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.