Section 8 Fair Market Rent (FMR) for ZIP 07848 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 07848

• Newton Housing Authority (Newton, NJ)

Lafayette Township, NJ, represented by ZIP code 07848, is a suburban area known for its quiet living environment and proximity to larger cities such as New Brunswick and Princeton. This township offers a mix of detached homes and rental properties, catering to both families and professionals seeking a peaceful retreat outside the hustle of urban life.

• The Fair Market Rent (FMR) for ZIP 07848 is set at $1,690 for the fiscal year 2024, providing landlords a benchmark for setting rental prices that reflect the local cost of living.
• The average market rent for the area is currently $1,528, according to the latest Census American Community Survey (ACS) data, indicating that the rental market is slightly below the FMR but still competitive.
• The median home value in Lafayette Township stands at $474,394, reflecting the stable property values and the overall economic health of the region.
• Renters make up 13.0% of the population, suggesting that while the majority of residents own their homes, there is still a significant demand for rental properties among those who prefer not to commit to homeownership.
• The median household income in the area is $128,317, which is notably high and supports a strong rental market where tenants can afford higher rents.

Given the data points outlined above, landlords and small-portfolio investors in Lafayette Township, NJ, should focus on maintaining rental properties that align with the FMR of $1,690. Despite the relatively low renter share of 13.0%, the high median income suggests that the rental market is robust and can support properties priced at or near the FMR. The median home value of $474,394 also indicates that the area is economically sound, making it a reliable location for long-term investments. While the days on market (DOM) data is not available, the combination of high median income and competitive market rents signals a healthy rental environment where well-managed properties can attract and retain tenants effectively.

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.