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 | $2,230 |
| 1 Bedroom | $2,490 |
| 2 Bedrooms | $2,860 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $4,390 |
| 5 Bedrooms | $5,092 |
| 6 Bedrooms | $5,703 |
| 7 Bedrooms | $6,159 |
| 8 Bedrooms | $6,467 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,480 | $821,521 | 0.42% | F |
| 4BR | $4,390 | $1,031,712 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 07648 presents a dynamic rental market that is currently experiencing a delicate balance between supply and demand. The Fair Market Rent (FMR) for the area, set at $2370 for fiscal year 2024, slightly exceeds the actual market rent of $2,094 based on Census American Community Survey data. This suggests that landlords may have some flexibility in pricing their units above the average market rate without significantly deterring tenants.
The median home value of $899,922 indicates a relatively high-cost residential area, which can influence the rental market. High property values often correlate with higher rents due to the increased cost of homeownership, pushing potential buyers into the rental market. However, the lack of specific data on the percentage of price cuts and days on market (DOM) makes it challenging to definitively conclude whether supply is outpacing demand or vice versa. Nonetheless, the presence of any price cuts or extended DOM periods would suggest a slight surplus of rental properties, whereas the absence thereof might imply a tight market.
A renter share of 20.8% signals a significant but not overwhelming portion of the population renting in ZIP 07648. This figure suggests that while there is a substantial demand for rentals, a majority of residents still opt for homeownership. Over the long term, this balance could indicate steady housing pressure, as the relatively low renter share may limit the extent of rental market fluctuations. However, it also implies that the rental market remains resilient, catering to those who cannot afford homeownership or prefer renting due to lifestyle choices.
In summary, ZIP 07648 offers a rental market that is both competitive and stable, driven by a mix of high property values and a moderate renter share. Landlords and small-portfolio investors should remain attentive to local economic changes and tenant preferences to maintain a profitable and sustainable investment strategy.
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.