Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,000 |
| 1 Bedroom | $2,220 |
| 2 Bedrooms | $2,740 |
| 3 Bedrooms | $3,510 |
| 4 Bedrooms | $3,890 |
| 5 Bedrooms | $4,512 |
| 6 Bedrooms | $5,053 |
| 7 Bedrooms | $5,457 |
| 8 Bedrooms | $5,730 |
$2490 is the Fair Market Rent (FMR) for ZIP 07703 in Fort Monmouth, NJ, for fiscal year 2024. Despite the lack of specific market rent data, the FMR provides a benchmark for rental pricing in the area. The median home value is also not available, but the severe flood risk affecting 55% of properties underscores the need for comprehensive insurance coverage.
The demand for homes in 07703 is notable, though the exact days on market (DOM) and price-cut share percentages are unavailable. Investors should consider the high flood risk when evaluating potential returns, as 780 properties are expected to face severe flooding over the next three decades.
The absence of specific median income data means that landlords must rely on broader regional trends to assess tenant affordability. However, the severe wind risk impacting 100% of properties highlights another significant factor that could affect maintenance costs and insurance premiums.
In conclusion, while the exact DOM and price-cut share percentages are not provided, the high flood and wind risks in ZIP 07703 indicate that Section 8 properties should be approached with caution, ensuring robust insurance policies and careful consideration of long-term maintenance expenses.
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.