Section 8 Fair Market Rent (FMR) for ZIP 07653 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 07653, located in New Jersey, offers a unique opportunity for real estate investors interested in the Section 8 housing market. This suburban area is characterized by its blend of residential neighborhoods and proximity to urban amenities, making it a desirable location for families and individuals seeking affordable housing options.

• Fair Market Rent (FMR) for ZIP 07653 in fiscal year 2024: The FMR has been set at $2040, which represents the maximum amount that landlords can charge for a Section 8 rental agreement in this area.
• Market Rent: Data on the average market rent for ZIP 07653 is currently unavailable, but it's important to note that the FMR serves as a benchmark for rental pricing in the subsidized housing sector.
• Median Home Value: There is no available data on the median home value for ZIP 07653, which suggests limited insights into the broader real estate market trends within this region.
• Renter Share: The percentage of residents who are renters in ZIP 07653 is not documented, leaving uncertainty about the demand for rental properties in this area.
• Days on Market (DOM): Information regarding the typical days on market for rental listings is also missing, indicating a lack of clarity on how quickly properties are being leased in this ZIP code.
• Median Income: The median income for households in ZIP 07653 is not provided, which means there is no direct insight into the financial stability of potential tenants.

In summary, while the Fair Market Rent for ZIP 07653 provides a clear guideline for Section 8 landlords, the absence of other key metrics such as market rent, median home value, and median income leaves significant gaps in understanding the overall rental market dynamics. Landlords and small-portfolio investors should carefully consider these limitations when setting their expectations for occupancy rates and property values. Despite these uncertainties, the established FMR of $2040 ensures a stable baseline for rental income, which can be a reliable anchor in an otherwise data-scarce environment.

Data Sources: FMR data from HUD (2027).

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.