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 | $1,920 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,470 |
| 3 Bedrooms | $3,000 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,000 | $761,055 | 0.39% | F |
| 4BR | $3,780 | $871,791 | 0.43% | F |
U.S. Census Bureau data (2024)
2010 FMR (zip FY 2024) stands at $2010, which is notably higher than the $1,938 market rent observed in ZIP 07647 according to Census ACS data. This discrepancy suggests that landlords participating in the Section 8 program can expect slightly higher rental incomes compared to the general market.
$758,821 is the median home value in this area, indicating a robust real estate market that supports relatively high property values. Given this figure, it's clear that properties in ZIP 07647 are well-positioned to command premium rents.
23.6% of the residents in this ZIP code are renters, reflecting a modest but significant portion of the population that relies on rental housing. This statistic points to a steady demand for rental units, including those under Section 8.
$128,542 is the median income in ZIP 07647, a figure that places the average household above the poverty line and suggests a reasonable ability to pay rent. However, this does not preclude a need for subsidized housing options such as Section 8.
N/A-day DOM (Days On Market) and N/A% price-cut share indicate incomplete data for these metrics, possibly due to the limited availability of recent sales information or the nature of the rental market in this area. Despite this lack of detail, the overall economic indicators suggest a stable market.
In conclusion, the higher FMR relative to the market rent, combined with a strong median home value and a moderate renter share, makes ZIP 07647 a favorable location for landlords considering the Section 8 program. The robust local economy supports the viability of such investments, ensuring that properties will be in demand among eligible tenants.
Verdict: Acceptable for Section 8 investment.
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.