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 | $1,250 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,190 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,380 | $525,028 | 0.26% | F |
| 2BR | $1,710 | $765,321 | 0.22% | F |
| 3BR | $2,190 | $974,495 | 0.22% | F |
| 4BR | $2,430 | $1,177,012 | 0.21% | F |
| 5BR | $2,819 | $1,459,197 | 0.19% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 07756, Neptune Township, New Jersey, for fiscal year 2024 is set at $1600. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 program. It's important to note that this is not the rent you would charge a non-Section 8 tenant, who might pay up to $2,463 per month, according to the Zillow Observed Rent Index (ZORI).
The FMR of $1600 is significantly lower than the average market rent of $2,463. However, the demand for affordable housing in this area is strong, with 36.3% of residents being renters. This indicates a substantial portion of the population relies on rental properties, making Neptune Township an attractive location for landlords willing to participate in the Section 8 program.
To put the FMR into perspective, consider the acquisition cost of a property in this ZIP code. The median home value is approximately $927,969. Given this price point, it's crucial to evaluate whether a Section 8 rental will generate enough income to cover your mortgage, maintenance costs, and other expenses associated with owning a rental property.
Before you commit to becoming a Section 8 landlord in Neptune Township, verify that the property meets all the necessary requirements for the program. This includes ensuring that the unit is in good condition and passes inspections. Failure to meet these standards can result in reduced payments or termination from the program.
In summary, while the FMR of $1600 is less than the average market rent of $2,463, the high renter share of 36.3% suggests a steady demand for affordable housing. With a median home value of $927,969, it's essential to ensure that your investment aligns with the financial realities of the Section 8 program. Your next step should be to confirm that your property meets all the Section 8 criteria to avoid any issues down the line.
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.