Location: Middlesex-Somerset-Hunterdon, 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 |
The ZIP code 07978, located in Middlesex-Somerset-Hunterdon County, NJ, presents a unique set of characteristics that distinguish it from other areas. However, due to the lack of specific data regarding the number of residents, percentage renting, median income, and median home value, a detailed analysis based on these metrics is not possible at this time.
Moving onto the voucher economics, the Fair Market Rent (FMR) for ZIP 07978 in fiscal year 2024 is set at $2410. This figure is crucial for landlords and small-portfolio investors as it determines the rental subsidy amounts for Section 8 vouchers. Without a comparison to the local market rent, it's challenging to assess how competitive this FMR is, but it provides a baseline for rental rates that can be expected when housing tenants with Section 8 vouchers.
Given the limited data available, the economic environment of ZIP 07978 cannot be definitively categorized as either stable or transitional. To make an informed judgment, more detailed information on resident demographics, housing market trends, and economic indicators would be necessary. Landlords and investors should keep an eye on future updates and additional data points to better understand the dynamics of this area.
Data Sources: FMR data from HUD (2027).
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.