Section 8 Fair Market Rent (FMR) for ZIP 07878 - 2027

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

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,380
1 Bedroom	$2,690
2 Bedrooms	$3,250
3 Bedrooms	$4,050
4 Bedrooms	$4,630
5 Bedrooms	$5,371
6 Bedrooms	$6,016
7 Bedrooms	$6,497
8 Bedrooms	$6,822

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

766

Median Household Income

$116,445

Housing Units

297

Renter Percentage

N/A

Occupancy Rate

100.0%

Renter Occupied

The ZIP code 07878, located in New Jersey, is part of a suburban area characterized by high-end residential properties and low rental activity. This region offers significant opportunities for homeownership but presents challenges for those seeking rental investments.

The Fair Market Rent (FMR) for ZIP 07878 in fiscal year 2024 is set at $2600, indicating a premium rental market.
The median home value in the area stands at $547,224, reflecting the high cost of living and desirability of the neighborhood.
Renters represent only 0.0% of the population, suggesting that the market is heavily skewed towards homeowners rather than tenants.
The median income in the area is $116,445, which supports the high home values and suggests residents have the financial means to purchase rather than rent.
While the exact number of days on the market (DOM) is not available, the low renter share implies that rental listings move quickly when they do appear.
The absence of specific market rent data points to limited rental inventory, further reinforcing the dominance of the homeownership market.

Investors should focus on long-term homeownership opportunities in ZIP 07878, given the high median home value and strong local economy. The lack of rental activity makes it less attractive for short-term rental investments. However, for those interested in purchasing properties for their own use or as a long-term investment, the robust economic indicators and high property values present a stable and potentially lucrative market. The scarcity of rental units also means that any rental property can command premium rates, although the overall demand is lower compared to more urbanized areas.

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.