Location: Trenton-Princeton, NJ | Metro: Trenton-Princeton, NJ MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,440 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,240 |
| 4 Bedrooms | $2,510 |
| 5 Bedrooms | $2,912 |
| 6 Bedrooms | $3,261 |
| 7 Bedrooms | $3,522 |
| 8 Bedrooms | $3,698 |
U.S. Census Bureau data (2024)
ZIP code 08609, located within the Trenton-Princeton, NJ MSA, presents a unique profile when compared against typical ZIP codes within the same metro area. The Fair Market Rent (FMR) for ZIP 08609 is set at $1750 for fiscal year 2024, significantly lower than the market rent which stands at $2,200. This indicates that the ZIP code is offering rental properties at a discount relative to what the market demands.
The median home value in ZIP 08609 is $214,103, which is likely below the average home value seen across the broader Trenton-Princeton, NJ MSA. This suggests that 08609 could be considered a value pocket within the metro, providing affordability to both renters and homeowners.
A notable feature of ZIP 08609 is its 70.2% renter share, a figure that is considerably higher than the national average and likely above the metro average. This high percentage of renters, coupled with below-average home values, points towards an area where rental demand is strong. Given the FMR of $1750, it aligns well with the criteria for a Section 8 sweet spot, where there is a substantial number of renters who qualify for housing assistance programs.
To further contextualize these figures, it's important to consider the broader economic landscape of the Trenton-Princeton, NJ MSA. However, based on the provided data, ZIP 08609 appears to be a value pocket, particularly attractive for landlords and small-portfolio investors looking to leverage the high renter share and affordable property prices.
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.