Location: Newark, NJ | Metro: Newark, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,140 |
| 1 Bedroom | $2,420 |
| 2 Bedrooms | $2,910 |
| 3 Bedrooms | $3,640 |
| 4 Bedrooms | $4,160 |
| 5 Bedrooms | $4,826 |
| 6 Bedrooms | $5,405 |
| 7 Bedrooms | $5,837 |
| 8 Bedrooms | $6,129 |
U.S. Census Bureau data (2024)
The ZIP code 07970 presents an interesting scenario when viewed from a renter's perspective. The median income here is $250,001, which places residents firmly in a high-income bracket. However, the lack of available market rate rental data (N/A) makes it challenging to assess how easily households can afford housing in this area.
Comparatively, the Fair Market Rent (FMR) for the ZIP code in fiscal year 2024 is set at $2410. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their rent. Given the limited information on market rates, we must infer that if the rental costs align closely with the FMR, then they would be relatively affordable for the average resident in this ZIP code.
Notably, the ZIP code has a population of 215, with a reported 0.0% of residents being renters. This statistic suggests that homeownership is the predominant form of housing in 07970. Consequently, the competition among landlords is likely minimal, as the demand for rental properties appears to be negligible.
The absence of renters implies that there is little need for landlords to consider voucher programs as a strategy for filling vacancies. Instead, landlords should focus on cash-paying tenants who can afford the potentially higher market rates, assuming these rates are above the FMR. Given the high median income, cash-paying tenants are more likely to exist and have the means to cover market-rate rents without subsidy.
Takeaway: Landlords in ZIP 07970 should prioritize attracting cash-paying tenants over those relying on Section 8 vouchers. The high median income supports this strategy, while the low percentage of renters indicates minimal competition and a niche market for rental properties.
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.