Location: Warren County, NJ | Metro: Warren County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $2,020 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
The ZIP code 07820, located in New Jersey, presents a unique profile for Section 8 real-estate analysis. With limited data available, it's important to focus on the specific details that can be derived. The area has a median family income of $107,667, which is significantly higher than the national average, indicating a relatively affluent community. However, the median home value stands at $441,700, suggesting that housing costs are also high, potentially making homeownership challenging for many families.
Moving onto the voucher economics, the Fair Market Rent (FMR) for ZIP 07820 in fiscal year 2024 is set at $1,900. This figure represents the maximum amount that the federal government will pay toward rent and utilities for a unit in this area. While the exact market rent is not provided, the FMR serves as a benchmark for affordable housing standards, helping landlords understand the rental assistance they can expect from the Section 8 program. It's crucial for landlords to compare this FMR against their actual market rents to determine if participating in the Section 8 program is financially viable for their properties.
Given the high median income and median home values, the ZIP 07820 data signature reads as stable. This stability suggests a consistent economic environment where the demand for rental properties might be steady, but also implies that tenants relying on Section 8 vouchers may find it particularly difficult to secure housing due to the high cost of living. Landlords should consider these factors when deciding whether to participate in the Section 8 program, ensuring they align their expectations with the realities of the local market.
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.