Location: Trenton-Princeton, NJ | Metro: Trenton-Princeton, NJ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,740 |
| 4 Bedrooms | $3,080 |
| 5 Bedrooms | $3,573 |
| 6 Bedrooms | $4,002 |
| 7 Bedrooms | $4,322 |
| 8 Bedrooms | $4,538 |
2000 The Fair Market Rent (FMR) for ZIP code 08602 in fiscal year 2024 is set at $2000. This figure represents the upper limit on monthly rental payments for properties participating in the Section 8 program. While the exact market rent for the area is not available, landlords can use the FMR as a benchmark to ensure their rental rates are competitive yet compliant with federal guidelines.
2000 In determining whether to accept Section 8 tenants, it's crucial to consider the financial implications. With an FMR of $2000, landlords must ensure that their property's rent does not exceed this amount if they wish to participate in the program. This means that any rental unit priced above $2000 would be ineligible for Section 8 vouchers.
2000 Although the median home value, median income, days on market (DOM), and the percentage of price-cut share are not specified, the FMR provides a clear guideline for rental pricing. Landlords should also note that the percentage of renters in the area is unspecified, which could indicate a diverse mix of homeowners and renters, but the FMR remains the key figure for setting rental prices.
2000 For small-portfolio investors, the decision to enter the Section 8 market should be based on the ability to manage properties at or below the FMR. It's important to understand that while the FMR is $2000, the actual payment received by landlords will depend on the voucher amount and any additional tenant contributions.
2000 Given the lack of detailed market data, the decision to participate in Section 8 in ZIP 08602 hinges primarily on the willingness to comply with the $2000 FMR. This can be a stable source of income, especially for those who have units that might otherwise struggle to find tenants due to higher market rents.
2000 The verdict for Section 8 in ZIP 08602 is clear: with an FMR of $2000, it offers a straightforward opportunity for landlords and small-portfolio investors looking for a reliable tenant base and consistent rental income, provided they can operate within the set guidelines.
Data Sources: FMR data from HUD (2027).
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.