Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,660 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,200 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,160 |
| 5 Bedrooms | $3,666 |
| 6 Bedrooms | $4,106 |
| 7 Bedrooms | $4,434 |
| 8 Bedrooms | $4,656 |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1,690 for ZIP 07870 in fiscal year 2024 will adequately cover the mortgage on a property. Unfortunately, the median home value data is not available for this ZIP code, making it challenging to provide a direct comparison. However, investors should consider that ZIP 07870 has a very low population density, which could impact the number of potential renters.
The rental vacancy rate stands at 0.0%, indicating a strong demand for rental properties. This suggests that if a property is well-located and priced competitively, it should attract tenants easily. Yet, the lack of specific median home value data means that investors must look beyond this ZIP code to assess overall mortgage affordability in the region.
Regarding the use of housing vouchers, the data does not specify the voucher rates for this area. However, given the low vacancy rate, it is likely that vouchers will be utilized effectively, though whether they can keep pace with the market rents remains uncertain without specific figures.
In conclusion, while the FMR of $1,690 is promising and the rental vacancy rate indicates high demand, the absence of median home value data complicates the assessment of mortgage coverage. Vouchers will likely support some tenants, but their alignment with market rents requires further investigation.
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.