Location: Newark, NJ | Metro: Newark, 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 | $2,460 |
| 1 Bedroom | $2,780 |
| 2 Bedrooms | $3,350 |
| 3 Bedrooms | $4,180 |
| 4 Bedrooms | $4,780 |
| 5 Bedrooms | $5,545 |
| 6 Bedrooms | $6,210 |
| 7 Bedrooms | $6,707 |
| 8 Bedrooms | $7,042 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,350 | $722,442 | 0.46% | F |
| 3BR | $4,180 | $901,389 | 0.46% | F |
| 4BR | $4,780 | $1,236,480 | 0.39% | F |
| 5BR | $5,545 | $1,751,806 | 0.32% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 07932, Florham Park, NJ, for fiscal year 2024 is set at $2,870. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, but it does not necessarily reflect the actual rent a tenant will pay. The tenant's portion is typically calculated based on their income, while the Housing Authority covers the difference up to the FMR.
In comparison, the average rent in ZIP 07932, according to the Census American Community Survey (ACS), is $3,114. This suggests that the market rent is slightly higher than the FMR, which could mean that landlords might need to consider lowering their rent expectations if they want to participate in the Section 8 program.
Approximately 30.5% of households in this area are renters, indicating a moderate demand for rental properties. Given the FMR and the percentage of renters, you can estimate the potential rental income from a Section 8 property in this ZIP code. However, it's important to note that the acquisition cost of a rental property in this area can be substantial. For instance, the median home value in ZIP 07932 is around $1,027,214, which is a significant investment.
Before committing to a Section 8 rental in Florham Park, NJ, you must verify that your property meets the Housing Quality Standards (HQS). These standards ensure that the unit is safe, decent, and sanitary, and failure to meet these criteria can result in disqualification from the program. It's crucial to have an inspection done to confirm compliance, as this is a non-negotiable requirement for participation.
To summarize, the FMR of $2,870 sets the maximum allowable rent for a Section 8 unit in ZIP 07932, whereas the local average rent is $3,114. With a renter share of 30.5%, there is a reasonable demand for rental units, but the high median home value of $1,027,214 underscores the significant financial commitment required. Ensure your property meets HQS standards to avoid any issues with the Housing Authority.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.