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 | $1,730 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,370 |
| 3 Bedrooms | $3,040 |
| 4 Bedrooms | $3,360 |
| 5 Bedrooms | $3,898 |
| 6 Bedrooms | $4,366 |
| 7 Bedrooms | $4,715 |
| 8 Bedrooms | $4,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,370 | $387,313 | 0.61% | D |
| 3BR | $3,040 | $552,273 | 0.55% | F |
| 4BR | $3,360 | $710,962 | 0.47% | F |
| 5BR | $3,898 | $895,679 | 0.44% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08050, Manahawkin, NJ, for fiscal year 2024 is set at $2150. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you would collect from your tenants; it's the benchmark used by the Housing Choice Voucher program to determine the subsidy amount.
In comparison, the average monthly rent for the same area, according to recent Census American Community Survey (ACS) data, is $1,819. This suggests that the FMR is slightly higher than the market average, which could be beneficial for landlords participating in the Section 8 program.
With a renter share of 9.9%, there is a modest but steady demand for rental properties in Manahawkin. This percentage indicates that nearly one out of every ten households in the area is looking for a rental home, making it a reasonable market for Section 8 properties.
The median home value in Manahawkin is approximately $583,775. This figure is useful when considering the acquisition cost of a property for a Section 8 rental. Landlords should ensure that the potential income from the Section 8 voucher program covers the costs associated with owning and maintaining the property, including mortgage payments, property taxes, insurance, and any necessary repairs or improvements.
Before deciding to participate in the Section 8 program with a rental property in Manahawkin, it's crucial to verify that your property meets all the necessary requirements for the program. This includes ensuring that the unit passes a housing quality standards (HQS) inspection, which checks for safety, cleanliness, and general habitability. The HQS inspection is a mandatory step and ensures that your property will be eligible for the program.
By adhering to these guidelines and confirming that your property meets the Section 8 criteria, you can confidently proceed with offering a rental unit in Manahawkin under the program, knowing that you will receive a stable, government-backed rental income.
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.