Location: Middlesex-Somerset-Hunterdon, NJ | Metro: Warren County, NJ HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,630 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,690 |
| 4 Bedrooms | $2,970 |
| 5 Bedrooms | $3,445 |
| 6 Bedrooms | $3,858 |
| 7 Bedrooms | $4,167 |
| 8 Bedrooms | $4,375 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,240 | $336,934 | 0.66% | D |
| 3BR | $2,690 | $412,015 | 0.65% | D |
| 4BR | $2,970 | $573,874 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 07882, located in Washington, NJ, has a population of 15,115 residents, with 25.5% being renters. This indicates that while there is a significant portion of the population renting, it is not a renter-heavy area. The median household income stands at $107,567, which is relatively high compared to national averages. The typical market rent for the area is $1,391 per month. To put this into perspective, the average rent consumes approximately 13% of the median household income.
The Fair Market Rent (FMR) for ZIP 07882, as determined by HUD for FY 2024, is set at $1,730. This figure represents the maximum amount that Section 8 vouchers can cover for housing in this area. Given that the typical market rent is below the FMR, landlords should anticipate a moderate demand for Section 8 tenants. However, the overall demand for rental properties using vouchers will likely be constrained due to the higher median income level and the relatively low percentage of renters in the area.
A landlord in ZIP 07882 can expect their Section 8 tenants to be individuals or families who qualify for assistance based on their income levels. These tenants would generally have an income below 50% of the area median income, which in this case is below $53,784. Landlords should prepare for the administrative requirements associated with Section 8, including regular inspections and compliance with HUD standards. Despite these considerations, the lower market rent compared to the FMR suggests that landlords may still find it financially viable to accept Section 8 tenants, especially if they aim to cater to those who might otherwise struggle to afford housing in this area.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.