Location: Bergen-Passaic, NJ | Metro: Bergen-Passaic, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,880 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,420 |
| 3 Bedrooms | $2,940 |
| 4 Bedrooms | $3,710 |
| 5 Bedrooms | $4,304 |
| 6 Bedrooms | $4,820 |
| 7 Bedrooms | $5,206 |
| 8 Bedrooms | $5,466 |
ZIP code 07699, located within the Bergen-Passaic, NJ HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2040 for fiscal year 2024. This figure is crucial for understanding the rental dynamics in the area, especially for landlords and small-portfolio investors involved with Section 8 housing.
To contextualize 07699's FMR within the broader metro area, it's important to note that the average FMR for the Bergen-Passaic, NJ HUD Metro FMR Area is higher. However, the specific average FMR for the entire metro area is not provided here. Given that the FMR for 07699 is $2040, we can infer that it is likely below the metro-wide average, suggesting that this ZIP code could be considered a value pocket within the larger Bergen-Passaic market.
The lack of data on market rent and home values for ZIP 07699 makes direct comparisons challenging. Typically, if a ZIP code has a below-average FMR but comparable or higher home values, it might indicate a sweet spot for Section 8 properties due to the potential for higher property appreciation without exceeding rent limits. Conversely, if the FMR is low and the home values are also relatively low, it suggests a mid-tier or even a lower-tier neighborhood where investment risk is balanced with potentially higher demand for affordable housing.
The absence of a specific renter share percentage for ZIP 07699 means we cannot definitively classify it based on this metric alone. A high renter share in conjunction with below-average home values would typically signal a prime location for Section 8 housing, as there is a strong demand for rental units and affordability is a key factor.
In summary, with an FMR of $2040, ZIP 07699 stands out as a potentially attractive value pocket within the Bergen-Passaic, NJ HUD Metro FMR Area. Landlords and investors should consider the broader economic context and trends in the area to make informed decisions about property investments.
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.