Location: Warren County, NJ | Metro: Warren County, 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 | $1,370 |
| 1 Bedroom | $1,380 |
| 2 Bedrooms | $1,710 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,520 |
| 5 Bedrooms | $2,923 |
| 6 Bedrooms | $3,274 |
| 7 Bedrooms | $3,536 |
| 8 Bedrooms | $3,713 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,710 | $305,055 | 0.56% | F |
| 3BR | $2,170 | $396,919 | 0.55% | F |
| 4BR | $2,520 | $513,460 | 0.49% | F |
U.S. Census Bureau data (2024)
1380 is the Fair Market Rent (FMR) for ZIP code 07823 in Belvidere, NJ, for fiscal year 2024, indicating the maximum rental amount allowed under the Section 8 program. In contrast, 966 represents the average market rent as reported by the Census Bureau's American Community Survey, showing a significant gap between what the government subsidizes and what the market demands. The median home value in this area stands at 385,656, which reflects a stable housing market but also suggests higher property values compared to some other regions. 32.5 percent of residents are renters, a figure that underscores the demand for rental properties in Belvidere. With a median income of 85,522, many residents likely rely on assistance programs such as Section 8 to afford housing. Despite this, N/A-day days on market (DOM) suggest that homes in this area sell quickly once listed, indicating strong buyer interest and possibly limited inventory. 0.2 percent of listings experience price cuts, a minimal percentage that points to a robust real estate market where sellers can usually achieve their asking price without adjustments.
The disparity between the FMR and the market rent highlights an opportunity for landlords participating in the Section 8 program. While the government sets the maximum allowable rent at 1380, the actual market rate is significantly lower at 966, allowing landlords to potentially attract tenants who might otherwise struggle to find affordable housing. The low price-cut share of 0.2 percent further supports the idea that the real estate market in 07823 is favorable for both buyers and sellers, suggesting that rental properties could also be in high demand.
In conclusion, for landlords and small-portfolio investors in ZIP code 07823, participation in the Section 8 program can be financially viable given the strong local economy and the substantial difference between FMR and market rents. The verdict on Section 8 for Belvidere, NJ is positive, offering a reliable tenant base with minimal risk of vacancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.