Location: Newark, NJ | Metro: Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,050 |
| 1 Bedroom | $2,200 |
| 2 Bedrooms | $2,750 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,680 |
| 5 Bedrooms | $4,269 |
| 6 Bedrooms | $4,781 |
| 7 Bedrooms | $5,163 |
| 8 Bedrooms | $5,421 |
U.S. Census Bureau data (2024)
The ZIP code 07934 stands out within its county due to its unique demographic and economic characteristics. With a population of just 1,293 residents, it has a low rental rate of 7.8%, indicating that the majority of the housing stock is owner-occupied. The median income in this ZIP is a robust $245,429, reflecting a community that is financially well-off. This is further underscored by the median home value, which is exceptionally high at $1,002,583.
When it comes to Section 8 voucher economics, the data reveals an interesting dynamic. The Fair Market Rent (FMR) for ZIP 07934 in fiscal year 2024 is set at $2,530, while the Census American Community Survey (ACS) indicates a market rent of $2,233. This means that landlords accepting Section 8 vouchers can expect slightly higher rents compared to the average market rate, potentially making it a more attractive option despite the relatively low number of renters.
The data signature for ZIP 07934 reads as stable. Given the high median income and home values, there is little indication of significant changes in the near future. The slight premium offered by the FMR over the market rent suggests a balanced opportunity for landlords who choose to participate in the Section 8 program. However, the low percentage of renters implies that the demand for subsidized housing may be limited, which could affect the overall appeal of the program in this area.
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.