Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,720 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,350 |
| 3 Bedrooms | $2,930 |
| 4 Bedrooms | $3,350 |
| 5 Bedrooms | $3,886 |
| 6 Bedrooms | $4,352 |
| 7 Bedrooms | $4,700 |
| 8 Bedrooms | $4,935 |
U.S. Census Bureau data (2024)
Sussex County's ZIP code 07843, known as Hopatcong, NJ, stands out among its peers with a population of 11,098 residents, where only 16.0% rent their homes. The median household income here is $108,651, significantly higher than the national average. Additionally, the median home value in Hopatcong is an impressive $443,252, reflecting the area's affluent demographic and stable housing market.
The voucher economics in ZIP 07843 present a unique opportunity for landlords. The Fair Market Rent (FMR) for the fiscal year 2024 is set at $2,070, which is notably above the Census-reported market rent of $1,829. This discrepancy means that landlords can potentially benefit from a higher rental rate through Section 8 vouchers, thereby attracting tenants who might otherwise struggle to afford living in such a high-value area.
Based on the data signature of ZIP 07843, it reads as stable. With a relatively low percentage of renters and high median income and home values, the area demonstrates economic stability and a preference for homeownership. However, the higher FMR compared to market rates suggests that there is a niche for landlords willing to participate in the Section 8 program, catering to those who need assistance in affording the cost of living in this desirable zip code.
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.