Section 8 Fair Market Rent (FMR) for ZIP 08245 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

0.0% of properties in ZIP code 08245 are rented out, indicating a predominantly owner-occupied area. This statistic suggests that landlords might face stiff competition when seeking tenants, as the local market is skewed towards homeownership. Despite this, the Fair Market Rent (FMR) for the area stands at $1570, which is the maximum amount a Section 8 voucher holder can be expected to pay for housing in fiscal year 2024. Given the lack of data on market rent and median home values, it's challenging to compare the FMR against typical rental rates or property values in the region. However, the absence of these figures could imply a scarcity of rental listings or a lack of recent sales data, which might further complicate finding suitable investment opportunities.

The median income figure is also not available, making it difficult to assess the financial capability of potential tenants. This uncertainty around income levels could pose a risk for landlords relying on Section 8 vouchers, as tenant eligibility is closely tied to income. Without knowing the average income in the area, predicting the likelihood of attracting eligible voucher holders becomes speculative. Additionally, the days on market (DOM) and price-cut share percentages are not provided, suggesting a stable real estate market where properties do not typically require significant price adjustments or extended listing periods to find buyers.

Given the limited data available, particularly the high percentage of owner-occupied homes and the absence of critical market indicators such as median income and typical rental prices, investing in Section 8 properties in ZIP code 08245 requires careful consideration. The stable nature of the real estate market, as inferred from the missing DOM and price-cut share data, might favor long-term investments over short-term rentals. However, the low renter share indicates a challenge in finding tenants willing to rent, which could affect the demand for Section 8 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.