Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,110 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,590 |
| 4 Bedrooms | $4,110 |
| 5 Bedrooms | $4,768 |
| 6 Bedrooms | $5,340 |
| 7 Bedrooms | $5,767 |
| 8 Bedrooms | $6,055 |
U.S. Census Bureau data (2024)
12.7% of residents in ZIP 07847 are renters, indicating a smaller but steady demand for rental properties. The $2,220 market rent figure, derived from Census ACS data, suggests that rental units in this area are priced slightly below the $2380 Fair Market Rent (FMR) for zip code 07847 as of fiscal year 2024. This discrepancy offers landlords a strategic advantage in setting competitive rental prices while still aligning with federal guidelines. The $498,596 median home value reflects a robust housing market, likely influencing rental property values and investment potential. However, the absence of data on days on market (DOM) and the percentage of price-cut shares indicates a stable real estate environment with little fluctuation in sales activity.
$85,327 is the median income for ZIP 07847, providing insight into the financial health of the local population and their ability to afford housing at these rates. Given the established FMR and market rent, landlords can confidently set rental prices that cater to the economic profile of the tenants while ensuring profitability. The relatively low renter share also implies that there may be fewer rental units available compared to owner-occupied homes, creating a niche market opportunity for investors willing to meet the needs of this segment.
In conclusion, for landlords and small-portfolio investors looking to enter or expand in ZIP 07847, the current fair market and median home values present a favorable investment climate. With rental prices aligned closely with the $2380 FMR and the $2,220 market rent, properties in this area are well-positioned to attract tenants without sacrificing profit margins. The stable real estate environment, as evidenced by the lack of significant price-cutting or prolonged days on market, supports long-term investment strategies. The Section 8 program remains a viable option for landlords in 07847, given the alignment between market rents and the FMR, making it a reliable source of tenants and income stability.
Verdict: ZIP 07847 is suitable for Section 8 participation, with rental prices matching federal guidelines.
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.