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 | $1,880 |
| 1 Bedroom | $2,070 |
| 2 Bedrooms | $2,560 |
| 3 Bedrooms | $3,270 |
| 4 Bedrooms | $3,620 |
| 5 Bedrooms | $4,199 |
| 6 Bedrooms | $4,703 |
| 7 Bedrooms | $5,079 |
| 8 Bedrooms | $5,333 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,560 | $390,094 | 0.66% | D |
| 3BR | $3,270 | $607,698 | 0.54% | F |
| 4BR | $3,620 | $680,979 | 0.53% | F |
| 5BR | $4,199 | $737,594 | 0.57% | F |
U.S. Census Bureau data (2024)
The ZIP code 07730, located in Hazlet Township, NJ, houses a population of 17,534 residents. With only 10.4% of the population being renters, it is evident that this area is primarily dominated by homeowners rather than renters. This suggests that the demand for Section 8 vouchers is likely to be lower compared to areas with a higher percentage of renters.
The median household income in this ZIP code is $125,338, which stands in contrast to the typical market rent of $2,715. To put this into perspective, the average rent consumes approximately 10.6% of the median household income. This calculation is derived from the formula: ($2,715 / $125,338) * 100 = 10.6%. This indicates that the rental cost is relatively manageable for the majority of residents, even without the assistance of vouchers.
When comparing the market rent to the Fair Market Rent (FMR) set at $1,420 for FY 2024, it becomes apparent that the actual market rent in Hazlet Township is significantly higher, almost double the FMR. This disparity highlights the challenge for low-income individuals seeking housing through Section 8 vouchers in this area.
A landlord in this ZIP code can expect tenants who are either fully capable of paying the market rent on their own or those who require assistance but may struggle to find affordable units due to the high market rent compared to the FMR. The tenant pool will likely consist of individuals and families whose incomes are below the area median but still above the federal poverty level, as required by the Section 8 program.
In summary, ZIP 07730 is not a renter-heavy area with deep voucher demand. Instead, it is an area where the majority of residents own homes, and the rental market is characterized by higher rents relative to both the median income and the FMR. Landlords should prepare for a tenant pool that requires careful screening to ensure compliance with the financial requirements of the Section 8 program.
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.