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 | $1,670 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,280 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,240 |
| 5 Bedrooms | $3,758 |
| 6 Bedrooms | $4,209 |
| 7 Bedrooms | $4,546 |
| 8 Bedrooms | $4,773 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,840 | $514,757 | 0.36% | F |
| 2BR | $2,280 | $981,248 | 0.23% | F |
| 3BR | $2,920 | $1,488,138 | 0.2% | F |
| 4BR | $3,240 | $2,080,787 | 0.16% | F |
| 5BR | $3,758 | $2,756,941 | 0.14% | F |
U.S. Census Bureau data (2024)
The market in ZIP 08008, Long Beach Township, NJ, reflects a dynamic equilibrium between supply and demand. The Fair Market Rent (FMR) for the area is set at $1790 for the fiscal year 2024, indicating the government's assessment of rental values. Meanwhile, the actual market rent, as per the Census American Community Survey (ACS), stands slightly higher at $1,917. This suggests that while the market rent exceeds the FMR, the gap is not substantial, implying a relatively balanced market.
A key indicator of market dynamics is the price-cut share, which is exceptionally low at 0.1%. This statistic points to a market where landlords are generally not needing to reduce rents to attract tenants, a sign that demand is keeping pace with supply. Additionally, the days on market (DOM) for rental listings is 37 days, which is a moderate duration, suggesting that properties are neither quickly snapped up nor lingering long without tenants.
The median home value in the area is $1,879,338, a figure that underscores the high-end nature of the real estate market in Long Beach Township. This high median home value indicates a strong local economy capable of supporting higher property prices, though it also implies that the rental market is likely skewed towards vacation homes and second residences, given the location's appeal as a coastal community.
The 8.5% renter share is noteworthy as it is quite low compared to many other communities. This suggests that Long Beach Township has a predominantly owner-occupied housing stock, with a smaller segment of the population renting. Such a low renter share can indicate less long-term housing pressure, as fewer residents rely on rental properties for their primary residence. However, it also means that any increase in the number of renters could potentially put upward pressure on rents if the supply of rental units remains limited.
In summary, ZIP 08008 presents a market where demand closely matches supply, with rental properties holding their value without significant need for price adjustments. The high median home value and low renter share paint a picture of a stable, owner-occupied community with pockets of rental activity, primarily driven by tourism and seasonal living patterns.
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.