Section 8 Fair Market Rent (FMR) for ZIP 07704 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 07704

• Monmouth County PHA (Freehold, NJ) - 1,899 Section 8 vouchers
• Long Branch Housing Authority (Long Branch, NJ) - 952 Section 8 vouchers
• Housing Authority of the Township of Middleto (Middletown, NJ) - 379 Section 8 vouchers
• Asbury Park Housing Authority (Asbury Park, NJ) - 360 Section 8 vouchers
• Neptune Housing Authority (Neptune, NJ) - 338 Section 8 vouchers
• Keansburg Housing Authority (Keansburg, NJ) - 333 Section 8 vouchers
• Housing Authority of the Borough of Red Bank (Red Bank, NJ) - 264 Section 8 vouchers
• Collaborative Support Programs of NJ (Freehold, NJ) - 153 Section 8 vouchers
• Community Enterprises Corporation (Freehold, NJ) - 140 Section 8 vouchers
• Freehold Housing Authority (Freehold, NJ)

Fair Haven, NJ, represented by ZIP code 07704, is a neighborhood situated within the affluent township of Fair Lawn. It offers a blend of suburban living with easy access to urban amenities, making it an attractive location for both homeowners and renters. However, the real estate landscape is heavily skewed towards homeownership, with a significant portion of residents owning their homes.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 07704 for fiscal year 2024 is set at $2,360.
• The average market rent for properties in this ZIP code, according to the Census American Community Survey (ACS), stands at $3,492. This indicates that rental properties can command higher rates than the FMR.
• The median home value in Fair Haven is notably high, sitting at $1,483,212. This suggests that the area is predominantly occupied by higher-value homes, reflecting the overall wealth of the community.
• Renters make up only 10.2% of the total housing units in ZIP 07704, which is significantly lower than the national average. This low renter share implies that there might be limited demand for rental properties.
• The median income in the area is $250,001, indicating a high-income demographic that could support luxury rentals or high-end property sales.
• The Days on Market (DOM) data is currently unavailable, but given the high median home values and median incomes, it's likely that properties sell relatively quickly once listed.

In summary, while the Fair Haven, NJ, market presents opportunities for investors looking to capitalize on high median home values and incomes, the low renter share suggests that rental investments might face challenges. Landlords and small-portfolio investors should consider focusing on luxury rentals or flipping homes for quick resale, given the area's affluent character. The disparity between the FMR and the actual market rent also points to a potential for higher returns in the rental sector if you can secure tenants willing to pay above the FMR.

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.