Location: Trenton-Princeton, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,940 |
| 3 Bedrooms | $2,470 |
| 4 Bedrooms | $2,730 |
| 5 Bedrooms | $3,167 |
| 6 Bedrooms | $3,547 |
| 7 Bedrooms | $3,831 |
| 8 Bedrooms | $4,023 |
U.S. Census Bureau data (2024)
Allentown, NJ (ZIP 08501) is positioned within the Trenton-Princeton, NJ MSA metro area. Its Fiscal Year 2024 Fair Market Rent (FMR) stands at $1,670, which is higher than the market rent of $1,497. The median home value in Allentown is $713,893, and the renter share is 9.6%.
Comparing these figures to typical ZIP codes within the Trenton-Princeton, NJ MSA, we can infer that ZIP 08501 is likely a premium sub-market. The FMR being above the market rent suggests a higher demand for rental properties relative to their supply. Additionally, the high median home value indicates that it is a relatively affluent area.
The renter share of 9.6% is lower than what might be expected in a typical ZIP code within the metro area. This implies that homeownership is more prevalent in Allentown compared to other areas. However, the combination of a slightly elevated FMR and a below-average renter share does not necessarily signal a Section 8 sweet spot, as the FMR is not significantly below the median home value.
In summary, ZIP 08501 appears to be a premium sub-market within the Trenton-Princeton, NJ MSA due to its high median home value and FMR. The lower-than-average renter share suggests a strong preference for homeownership, which contrasts with the higher rental costs, indicating a potentially lucrative market for landlords and small-portfolio investors seeking high-end rental opportunities.
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.