Section 8 Fair Market Rent (FMR) for ZIP 08720 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 08720

• Monmouth County PHA (Freehold, NJ) - 1,899 Section 8 vouchers
• Long Branch Housing Authority (Long Branch, NJ) - 952 Section 8 vouchers
• Housing Authority of the Township of Middleto (Middletown, NJ) - 379 Section 8 vouchers
• Asbury Park Housing Authority (Asbury Park, NJ) - 360 Section 8 vouchers
• Neptune Housing Authority (Neptune, NJ) - 338 Section 8 vouchers
• Keansburg Housing Authority (Keansburg, NJ) - 333 Section 8 vouchers
• Housing Authority of the Borough of Red Bank (Red Bank, NJ) - 264 Section 8 vouchers
• Collaborative Support Programs of NJ (Freehold, NJ) - 153 Section 8 vouchers
• Community Enterprises Corporation (Freehold, NJ) - 140 Section 8 vouchers
• Freehold Housing Authority (Freehold, NJ)

The ZIP code 08720, located in New Jersey, is characterized by its high median income and relatively low renter share, indicating a predominantly owner-occupied residential market. This area is attractive for real estate investment due to its strong economic indicators and stable housing values.

• The Fair Market Rent (FMR) for ZIP 08720 in fiscal year 2024 is set at $1,880. This figure represents the average rent that tenants can expect to pay for a two-bedroom apartment, reflecting the cost of living in the area.
• The median home value in this ZIP code stands at $989,458, which is significantly higher than the national average and suggests a robust property market with potential for appreciation.
• Renters make up only 5.1% of the total population, pointing to a community where homeownership is prevalent and preferred over renting.
• The median income in ZIP 08720 is $224,671, well above the national median income, indicating a high demand for quality housing and the ability of residents to afford higher rents or mortgage payments.
• While the exact number of days on market (DOM) for rental properties is not available, the low renter share and high median income suggest that rental units are likely to be occupied quickly once they become available.
• The absence of recent market rent data might imply that the rental market is less active compared to the ownership market, but the FMR provides a reliable benchmark for rental pricing in the area.

Given the high median income and strong property values, ZIP 08720 offers a solid foundation for real estate investments, particularly in owner-occupied homes. The low renter share indicates that the area is less focused on rental income, making it more suitable for those interested in long-term capital appreciation rather than short-term rental yields. Investors should consider the Fair Market Rent as a guideline for setting rental prices if they choose to offer rental units, but the primary focus should be on the stability and growth potential of the ownership market.

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.