Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,710 |
| 1 Bedroom | $1,880 |
| 2 Bedrooms | $2,330 |
| 3 Bedrooms | $2,990 |
| 4 Bedrooms | $3,310 |
| 5 Bedrooms | $3,840 |
| 6 Bedrooms | $4,301 |
| 7 Bedrooms | $4,645 |
| 8 Bedrooms | $4,877 |
To profile ZIP 07752 in New Jersey for its suitability as a Section 8 tenant pool, we need to assess the characteristics of the area based on the available data. The population and percentage of renters in this ZIP code are currently unknown, which makes it challenging to determine if it is a renter-heavy area with deep voucher demand or a homeowner-dominated region where vouchers are less common.
Similarly, the median household income for ZIP 07752 is also not available, which hinders our ability to accurately connect income levels to market rents. However, without specific income figures, we can still analyze the impact of the Fair Market Rent (FMR) on potential tenants. The FMR for ZIP 07752 is set at $1910 for fiscal year 2024, indicating that landlords who aim to attract Section 8 tenants should ensure their rental properties fall within or slightly above this range to remain competitive.
Given the lack of precise income data, it's difficult to calculate the exact percentage of local income that typical rent consumes. But generally, Section 8 tenants have a gross monthly income that does not exceed 80% of the median income for the area. This means that landlords should expect tenants whose income is relatively low compared to the overall average in the region.
The kind of tenant profile a landlord in ZIP 07752 should anticipate includes individuals or families who rely on housing vouchers due to their limited financial resources. These tenants will be looking for affordable housing options that match the FMR guidelines, making it essential for landlords to offer well-maintained units at reasonable rates to appeal to this demographic.
While the absence of detailed population and income data complicates a comprehensive analysis, focusing on the FMR and understanding the needs of low-income tenants can guide landlords in setting appropriate rental prices and expectations for managing a Section 8 property in this ZIP code.
Data Sources: FMR data from HUD (2027).
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.