Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,460 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,490 |
| 4 Bedrooms | $2,830 |
| 5 Bedrooms | $3,283 |
| 6 Bedrooms | $3,677 |
| 7 Bedrooms | $3,971 |
| 8 Bedrooms | $4,170 |
U.S. Census Bureau data (2024)
The ZIP code 07851 is positioned within the Newark, NJ HUD Metro FMR Area. Its Fair Market Rent (FMR) for FY 2024 is set at $1,670, which is notably lower than the average FMR for a two-bedroom home in Newark, which stands at $1,916 per month according to recent data.
The absence of market rent and home value data for ZIP 07851 makes direct comparisons challenging. However, its FMR figure suggests that it may be considered a value pocket within the larger Newark metro area. This inference is supported by the fact that the FMR for ZIP 07851 is significantly below the average FMR for a two-bedroom unit in Newark, indicating potentially lower rental costs compared to the broader market.
With a 2.9% renter share, ZIP 07851 diverges from the typical profile of Newark, NJ HUD Metro FMR Area ZIPs, where higher renter shares are common due to the urban nature of the area. The lower renter share might indicate a preference for homeownership or a different demographic makeup within this ZIP code.
To further assess whether ZIP 07851 is a value pocket, a mid-tier neighborhood, or a premium sub-market, additional data such as market rent and home values would be necessary. However, given the specific figures available, the ZIP code appears to offer landlords and small-portfolio investors an opportunity to engage in a more affordable segment of the Newark market, particularly when considering the rental assistance provided through Section 8 programs.
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.