Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,870 |
| 1 Bedroom | $2,110 |
| 2 Bedrooms | $2,550 |
| 3 Bedrooms | $3,180 |
| 4 Bedrooms | $3,640 |
| 5 Bedrooms | $4,222 |
| 6 Bedrooms | $4,729 |
| 7 Bedrooms | $5,107 |
| 8 Bedrooms | $5,362 |
ZIP 07806 encompasses the area around Picatinny Arsenal in New Jersey. The neighborhood is characterized by a population of 47,806 residents, with a significant portion being renters. The median household income in this area stands at $52,806, while the median home value is $269,944. This data provides a snapshot of the economic landscape within the ZIP code.
The rent economics in ZIP 07806 are noteworthy. The Fair Market Rent (FMR) for FY 2024 is set at $2300, which reflects the federal guideline for determining the maximum rental assistance payment for Section 8 vouchers. This figure is critical for landlords and small-portfolio investors considering participation in the program.
Given the specifics of the neighborhood and the economic indicators, ZIP 07806 can accommodate both hands-off voucher operators and hands-on value-add buyers. For those preferring a hands-off approach, the consistency of Section 8 payments ensures a stable cash flow, albeit with some administrative requirements. On the other hand, for investors looking to actively manage properties and potentially increase their value through improvements, the median home value and income levels suggest there's room for growth and enhancement in property offerings.
To conclude, ZIP 07806 presents a balanced opportunity for Section 8 investment, suitable for various strategies depending on the landlord's or investor's goals and management preferences.
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.