Section 8 Fair Market Rent (FMR) for ZIP 07857 - 2027

Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

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

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

3,728

Median Household Income

$85,898

Housing Units

1,974

Renter Percentage

43.2%

Occupancy Rate

93.6%

Renter Occupied

798

Housing Authorities Serving ZIP 07857

Morris County Housing Authority (Morristown, NJ) - 685 Section 8 vouchers
Morristown Housing Authority (Morristown, NJ) - 658 Section 8 vouchers
Madison Housing Authority (Madison, NJ) - 523 Section 8 vouchers
Dover Housing Authority (Dover, NJ) - 252 Section 8 vouchers
Boonton Housing Authority (Boonton, NJ) - 236 Section 8 vouchers

ZIP code 07857, located in New Jersey, is characterized by a robust suburban environment that offers a blend of residential tranquility and proximity to urban amenities. The area is particularly attractive to both homeowners and renters due to its well-balanced mix of housing options and economic stability.

The Fair Market Rent (FMR) for ZIP 07857 in fiscal year 2024 is set at $1,670, indicating the government's benchmark for rental costs in the region.
The actual market rent, according to the latest Census American Community Survey (ACS), stands at $1,443, which is slightly below the FMR but still represents a strong rental market.
The median home value in this ZIP code is $478,395, reflecting a substantial investment for homeowners and a competitive landscape for property values.
Renters make up 43.2% of the population, suggesting a significant demand for rental properties and a diverse housing market.
The median household income in ZIP 07857 is $85,898, providing insight into the financial capacity of residents and their ability to afford higher rents or mortgage payments.

Investors in ZIP 07857 can expect a stable and moderately growing rental market, supported by a healthy median income and a substantial renter population. The gap between the FMR and market rent presents opportunities for landlords to adjust their pricing strategies to remain competitive while also ensuring profitability. With a median home value that is relatively high, there is a strong indication that the local economy supports both rental and homeownership markets, making it a favorable location for real estate investments.

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.