Section 8 Fair Market Rent (FMR) for ZIP 07831 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

ZIP code 07831, located in the township of Washington, New Jersey, is a desirable suburban area known for its proximity to major highways and its access to both urban amenities and natural beauty. This region offers a mix of residential and commercial properties, making it an interesting market for real estate investors.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 07831 for fiscal year 2024 is set at $2150. This figure represents the maximum amount that low-income families should pay for housing, indicating the rental price ceiling for subsidized units.
• The market rent data is currently unavailable for ZIP 07831, which suggests that either the area is under-researched or that the rental market is not as active as other areas. Investors should verify this through local real estate agents or direct market research.
• The median home value in ZIP 07831 is also not available, which could mean that the area has a relatively stable housing market without significant fluctuations that would require frequent updates.
• The renter share in ZIP 07831 stands at 0.0%, indicating that virtually all residents in this area own their homes rather than renting. This points towards a strong homeownership culture and potentially lower demand for rental properties.
• The Days on Market (DOM) data is not available, which means there is no current information on how quickly homes are selling in this area. This lack of data could be due to a limited number of transactions or a recent update in the reporting system.
• The median income data for ZIP 07831 is not available, which is critical for understanding the financial health of potential tenants and buyers. Without this information, investors must rely on broader county or state-level economic indicators.

In summary, ZIP 07831 presents a unique challenge for Section 8 real estate investors given the strong homeownership trend and the lack of specific market data such as median home values, market rents, and median incomes. The Fair Market Rent figure of $2150 provides a benchmark for rental pricing but does not reflect the broader rental market dynamics. Investors should proceed with caution, conducting thorough local research to fill in the gaps and ensuring that any investment aligns with the limited rental demand. Additionally, the absence of DOM data suggests that the property turnover rate might be slow, which could affect the liquidity of investments in this area.

Data Sources: FMR data from HUD (2027). 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.