Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,130 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,740 |
| 3 Bedrooms | $3,330 |
| 4 Bedrooms | $4,210 |
| 5 Bedrooms | $4,884 |
| 6 Bedrooms | $5,470 |
| 7 Bedrooms | $5,908 |
| 8 Bedrooms | $6,203 |
U.S. Census Bureau data (2024)
2460 is the Fair Market Rent (FMR) for ZIP code 07677 for fiscal year 2024, indicating the maximum amount Section 8 participants can be charged for a two-bedroom apartment. 1888 represents the average market rent for the same area, as per the Census ACS, showing a significant gap between market rates and what Section 8 covers. This discrepancy benefits landlords who can secure long-term tenants at a guaranteed income level. 1230444 is the median home value in the area, suggesting a relatively stable housing market where property values are robust. 13.7% is the share of renters in ZIP 07677, which is lower than the national average, implying a strong owner-occupied base but also highlighting potential opportunities for rental investments. 213981 is the median income figure, providing insight into the economic status of residents; however, it does not directly impact the viability of Section 8 properties since the program is designed for low-income individuals. N/A-day DOM indicates that there is no specific data available on the days on market for properties, which could suggest a tight real estate market or limited data availability. Similarly, N/A% price-cut share suggests that there's no significant trend of price reductions, further supporting the idea of a stable market.
In ZIP 07677, the disparity between the $2,460 FMR and the $1,888 market rent presents an attractive opportunity for landlords. The $1,230,444 median home value underscores the overall strength of the local real estate market. With a 13.7% renter share, the demand for rentals might be moderate, but the guaranteed income from Section 8 participants makes it a safe bet. Despite the lack of specific data on days on market and price-cut shares, the economic indicators point towards a favorable investment climate. Given these factors, landlords should consider Section 8 participation as a reliable strategy for securing steady cash flow and maintaining occupancy rates in ZIP 07677.
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.