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 | $1,650 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,260 |
| 3 Bedrooms | $2,900 |
| 4 Bedrooms | $3,210 |
| 5 Bedrooms | $3,724 |
| 6 Bedrooms | $4,171 |
| 7 Bedrooms | $4,505 |
| 8 Bedrooms | $4,730 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,830 | $458,471 | 0.4% | F |
| 2BR | $2,260 | $620,310 | 0.36% | F |
| 3BR | $2,900 | $785,618 | 0.37% | F |
| 4BR | $3,210 | $1,076,721 | 0.3% | F |
| 5BR | $3,724 | $1,500,819 | 0.25% | F |
U.S. Census Bureau data (2024)
The ZIP code 07719, located in Wall, NJ, presents a dynamic rental market that is currently experiencing a strong alignment between supply and demand. The Fair Market Rent (FMR) for the area is set at $1,960 for the fiscal year 2024, which is significantly lower than the market rent, or Zillow Observed Rent Index (ZORI), of $3,336. This disparity indicates that the rental market is robust, with demand likely exceeding supply in terms of affordable housing options.
A key indicator of market health is the price-cut share, which stands at a mere 0.1%. This suggests that landlords and property managers are largely successful in renting their properties at the listed rates without needing to reduce prices, pointing to a favorable environment for maintaining or increasing rents.
The median home value in Wall, NJ, is $806,891, reflecting a relatively high-cost area for homeownership. Combined with the fact that 26.6% of the population are renters, it implies a persistent housing pressure, particularly for those seeking rental accommodation. A higher renter share often signifies that many residents find homeownership unattainable due to the high cost of living and property values, thus contributing to sustained demand for rentals.
In Wall, NJ, the dynamics of the housing market suggest that it is a tenant's market when it comes to finding affordable homes, but a landlord's market in terms of rental pricing power. The low price-cut share and high median home value indicate that while there may be some inventory available, it is predominantly sought after by tenants willing to pay above the FMR, making it an attractive location for landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.