Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,780 |
| 1 Bedroom | $1,970 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,120 |
| 4 Bedrooms | $3,450 |
| 5 Bedrooms | $4,002 |
| 6 Bedrooms | $4,482 |
| 7 Bedrooms | $4,841 |
| 8 Bedrooms | $5,083 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,120 | $1,495,278 | 0.21% | F |
| 4BR | $3,450 | $2,099,710 | 0.16% | F |
| 5BR | $4,002 | $4,090,211 | 0.1% | F |
U.S. Census Bureau data (2024)
The ZIP code 07711 has a population of 1,641 residents, with 25.0% being renters. The median household income stands at $112,404, which places it in a relatively high-income bracket. This demographic analysis reveals that while there is a notable portion of renters, the overall market leans towards a homeowner-dominated area rather than one heavily reliant on rental properties.
When considering the impact of Section 8 vouchers on the rental market, the presence of a significant number of homeowners suggests that vouchers might be less prevalent. However, the 25.0% renter population still indicates a substantial demand for rental housing, including those who might benefit from housing vouchers.
The typical market rent of $2,020 represents approximately 18.0% of the median household income. This figure is calculated by dividing the average monthly rent by the annual median income and multiplying by 100. It's important to note that the Fair Market Rent (FMR) set by HUD for FY 2024 is $1,800, which is slightly below the actual market rent. This discrepancy could suggest that landlords in 07711 might need to offer competitive amenities or services to attract tenants, especially those using vouchers.
To further illustrate the financial landscape, let's compare the market rent to the FMR. At $2,020, the market rent exceeds the FMR by about $220, indicating that landlords may face challenges in attracting voucher holders due to the higher rent costs. However, the proximity of the FMR to the market rent means that some voucher holders can afford the higher rents, particularly if they have additional sources of income.
A landlord in 07711 should expect a diverse tenant pool, but with a focus on middle to upper-middle-class individuals who can afford the higher rents without relying solely on vouchers. Tenants with Section 8 vouchers will likely have supplementary income or be willing to pay the difference between the voucher amount and the market rent to secure a place in this desirable area.
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.