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 | $2,180 |
| 1 Bedroom | $2,410 |
| 2 Bedrooms | $2,980 |
| 3 Bedrooms | $3,820 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,820 | $714,003 | 0.54% | F |
| 4BR | $4,230 | $991,906 | 0.43% | F |
| 5BR | $4,907 | $1,234,972 | 0.4% | F |
U.S. Census Bureau data (2024)
ZIP code 08535, located within the Monmouth-Ocean, NJ HUD Metro FMR Area, has a Fair Market Rent (FMR) of $2510 for fiscal year 2024. This figure is crucial for landlords and investors involved with Section 8 housing, as it defines the maximum rental amount that can be subsidized in this area.
The median home value in ZIP 08535 stands at $933,669, which is significantly higher than the typical home values found in most ZIP codes within the Monmouth-Ocean, NJ HUD Metro FMR Area. This suggests that 08535 is likely a premium sub-market within the broader metro area. However, the lack of market rent data for this ZIP code makes direct comparisons challenging; typically, market rents would provide insight into the demand for rental properties relative to homeownership.
The renter share in ZIP 08535 is 2.7%, indicating a relatively low proportion of renters compared to homeowners. This low renter share contrasts with the high median home value, suggesting that while the area is desirable for homeowners, it may not be as attractive for those seeking rental properties. In a premium sub-market, it's common to see a lower percentage of renters, as the high cost of living tends to push renters towards more affordable areas within the same metro region.
Given the specific figures provided, ZIP 08535 appears to be a premium sub-market within the Monmouth-Ocean, NJ HUD Metro FMR Area. The high median home value and low renter share point to a predominantly owner-occupied area where property values exceed the average within the metro. However, the absence of market rent data prevents a comprehensive analysis of how rental prices compare to the overall economic conditions in the area.
To determine if 08535 is a "value pocket" or a mid-tier neighborhood, additional data on market rents and other economic indicators would be necessary. For now, based on the available data, it is evident that 08535 is a high-value area with limited opportunities for rental investments compared to other parts of the metro.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.