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

Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area

Investment Score for ZIP 07704

Monthly Rent (2BR)

$3,420

Median Price (2BR)

$957,683

1% Rule

0.36%

Annual Yield

4.29%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,500
1 Bedroom	$2,770
2 Bedrooms	$3,420
3 Bedrooms	$4,390
4 Bedrooms	$4,860
5 Bedrooms	$5,638
6 Bedrooms	$6,315
7 Bedrooms	$6,820
8 Bedrooms	$7,161

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$3,420	$957,683	0.36%	F
3BR	$4,390	$1,259,177	0.35%	F
4BR	$4,860	$1,737,351	0.28%	F
5BR	$5,638	$2,353,347	0.24%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

6,170

Median Household Income

$250,001

Housing Units

2,132

Renter Percentage

10.2%

Occupancy Rate

96.0%

Renter Occupied

208

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). Median home prices from Zillow (2026-08-31). 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.