Location: Newark, NJ | Metro: Warren County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,010 |
| 1 Bedroom | $2,030 |
| 2 Bedrooms | $2,520 |
| 3 Bedrooms | $3,090 |
| 4 Bedrooms | $3,660 |
| 5 Bedrooms | $4,246 |
| 6 Bedrooms | $4,756 |
| 7 Bedrooms | $5,136 |
| 8 Bedrooms | $5,393 |
U.S. Census Bureau data (2024)
The ZIP code 07832 stands out due to its unique demographic and economic characteristics. With a population of 3,593 residents, only 9.4% rent their homes, indicating a strong preference for homeownership among the local populace. The median household income in this area is $106,424, which is significantly higher than the national average. Furthermore, the median home value is an impressive $463,125, reflecting the high cost of living and property values typical of affluent neighborhoods.
When it comes to Section 8 voucher economics, the data presents an interesting opportunity for landlords. The Fair Market Rent (FMR) for ZIP 07832 in fiscal year 2024 is set at $1,550, while the actual market rent averages around $1,785 based on Census ACS data. This discrepancy means that landlords can still attract tenants using Section 8 vouchers without having to drastically reduce their rental prices.
The data signature for ZIP 07832 reads as stable. The low percentage of renters suggests a community that is largely composed of long-term homeowners, which contributes to a sense of permanence and stability. Additionally, the high median income and home values indicate a robust local economy capable of supporting consistent housing demand and rental payments. Landlords and small-portfolio investors should take note of these factors when considering the ZIP code for potential investments or rental properties.
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.