Location: Middlesex-Somerset-Hunterdon, NJ | Metro: Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,780 |
| 1 Bedroom | $1,920 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $2,850 |
| 4 Bedrooms | $3,200 |
| 5 Bedrooms | $3,712 |
| 6 Bedrooms | $4,157 |
| 7 Bedrooms | $4,490 |
| 8 Bedrooms | $4,715 |
U.S. Census Bureau data (2024)
ZIP code 08553 is predominantly a homeowner-dominated area rather than a renter-heavy zone. With only 23.6% of residents renting, the majority of the population owns their homes. This suggests that the demand for Section 8 vouchers is relatively low compared to areas with higher percentages of renters.
The median household income in this ZIP is $148,056, which is significantly higher than the typical market rent of $1,799. To put this into perspective, the average rent consumes approximately 12% of the median income. This indicates that most residents can afford market rents without needing assistance.
Comparing the market rent to the Fair Market Rent (FMR) of $2,430 (for FY 2024), we see that the actual rent is lower, at $1,799. This means that landlords in this area have some flexibility in pricing their properties, but they must remain competitive with the existing market rates.
A landlord in ZIP 08553 should expect tenants who are likely to be financially stable, given the high median income. Tenants will probably be professionals or families who can afford market rates and do not heavily rely on rental subsidies. The small portion of renters suggests that landlords might face fewer applications from Section 8 participants, making it a less relevant consideration for most properties in this area.
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.