Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, 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 | $1,620 |
| 1 Bedroom | $1,790 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $3,140 |
| 5 Bedrooms | $3,642 |
| 6 Bedrooms | $4,079 |
| 7 Bedrooms | $4,405 |
| 8 Bedrooms | $4,625 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,840 | $1,469,744 | 0.19% | F |
| 4BR | $3,140 | $1,873,252 | 0.17% | F |
U.S. Census Bureau data (2024)
The ZIP code 08006, located within the Monmouth-Ocean, NJ HUD Metro FMR Area, presents a unique profile when compared against typical ZIP codes in this metro area. The Fair Market Rent (FMR) for 08006 is set at $1770 for fiscal year 2024, which is notably higher than the average FMR in the region. However, it's important to note that the market rent for this ZIP is currently unavailable, suggesting that the official FMR might not fully reflect the actual rental market dynamics.
Regarding home values, 08006 boasts an impressive figure of $1,643,728, indicating a significantly higher cost of property compared to the average in the Monmouth-Ocean, NJ HUD Metro FMR Area. This places 08006 firmly in the premium sub-market category within its broader metro context. High home values often correlate with affluent neighborhoods, where rental prices can also be elevated.
The renter share in 08006 stands at 5.1%, which is lower than what might typically be found in many other ZIP codes within the same metro area. A lower renter share usually implies fewer residents renting their homes, potentially signaling a market with less reliance on rental subsidies such as Section 8. In contrast, a higher renter share combined with lower home values could indicate a value pocket for Section 8 investors looking for affordable properties with subsidized tenants.
Given the high FMR and home values, alongside the relatively low renter share, 08006 is clearly positioned as a premium sub-market. It lacks the characteristics of a value pocket, where low home values and high renter share would attract investors seeking subsidized rental income. Instead, it suggests a niche market catering to those who can afford higher rents and property values, making it less likely to be a prime location for Section 8 investments focused on maximizing affordability and subsidy leverage.
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.