Location: Warren County, NJ | Metro: Warren County, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,820 |
| 1 Bedroom | $1,860 |
| 2 Bedrooms | $2,300 |
| 3 Bedrooms | $2,830 |
| 4 Bedrooms | $3,340 |
| 5 Bedrooms | $3,874 |
| 6 Bedrooms | $4,339 |
| 7 Bedrooms | $4,686 |
| 8 Bedrooms | $4,920 |
U.S. Census Bureau data (2024)
The market analysis for Section 8 investors in ZIP code 07846, located in Warren County, NJ, reveals several key points. The HUD Fair Market Rent (FMR) for ZIP 07846 is set at $1800 for fiscal year 2024. This figure is critical for determining the cash flow potential of properties rented to voucher tenants.
Data from ZIP Codes.com shows that the median home value in ZIP 07846 is $408,300. To calculate the rent-to-price ratio, we divide the FMR by the median home value, which yields approximately 0.44%. This low ratio suggests that the rental income from voucher tenants may not fully cover the mortgage and maintenance costs of homes in this area, indicating that cash flow will likely be marginal at best for most units.
The median days on market (DOM) and percentage of price cuts are not available for this ZIP code, but they would typically provide insight into the local real estate market's health and the balance between renting and buying. Given the limited data, it's important to note that the stability of rental income from voucher tenants can offer a reliable source of cash flow compared to fluctuating market rents.
The strongest investor angle in ZIP 07846 is likely stability. While cash flow might be modest due to the low rent-to-price ratio, the consistent rental income from voucher tenants can provide a steady stream of revenue, making it an attractive option for investors seeking long-term, predictable returns.
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.