Location: Newark, NJ | Metro: Newark, 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 | $2,010 |
| 2 Bedrooms | $2,430 |
| 3 Bedrooms | $3,030 |
| 4 Bedrooms | $3,470 |
| 5 Bedrooms | $4,025 |
| 6 Bedrooms | $4,508 |
| 7 Bedrooms | $4,869 |
| 8 Bedrooms | $5,112 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,430 | $375,870 | 0.65% | D |
| 3BR | $3,030 | $500,301 | 0.61% | D |
| 4BR | $3,470 | $594,812 | 0.58% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 07801 in Dover, New Jersey, for fiscal year 2024 is set at $2230. This figure represents the payment standard for landlords participating in the Section 8 Housing Choice Voucher program, which is not the same as the actual rent you can charge your tenants. It means that the maximum amount the housing authority will pay on behalf of a tenant is $2230 per month for a unit in this area.
In comparison, the local median asking rent, known as the Zillow Observed Rental Index (ZORI), is $2,268. This indicates that the FMR is slightly below the average market rent in Dover, suggesting that landlords who join the Section 8 program might see a slight reduction in potential income compared to market rates. However, the FMR serves as a cap rather than a target; you should aim to price your units competitively within the market while ensuring they meet the voucher program's criteria.
Dover has a significant rental market, with 49.7% of its population being renters. This high percentage of renters translates into strong demand for affordable housing options, making it a viable market for Section 8 rentals. The average home value in Dover is approximately $500,431, which underscores the need for affordable rental options given the high cost of homeownership in the area.
Before deciding to enroll your property in the Section 8 program, verify that your unit meets all the necessary inspection requirements and standards. These include safety, health, and structural conditions, as determined by the housing authority. Ensuring compliance upfront can save you time and resources in the long run and increase the likelihood of securing a reliable tenant.
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.