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 | $1,590 |
| 1 Bedroom | $1,760 |
| 2 Bedrooms | $2,170 |
| 3 Bedrooms | $2,780 |
| 4 Bedrooms | $3,080 |
| 5 Bedrooms | $3,573 |
| 6 Bedrooms | $4,002 |
| 7 Bedrooms | $4,322 |
| 8 Bedrooms | $4,538 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,170 | $399,987 | 0.54% | F |
| 3BR | $2,780 | $531,706 | 0.52% | F |
| 4BR | $3,080 | $676,886 | 0.46% | F |
| 5BR | $3,573 | $844,663 | 0.42% | F |
U.S. Census Bureau data (2024)
ZIP 08723, located in Brick, NJ, within the Monmouth-Ocean, NJ HUD Metro FMR Area, can serve as an effective diversifier in a Section 8 portfolio strategy. The median Fair Market Rent (FMR) for ZIP 08723 in fiscal year 2024 is set at $1880, which is significantly lower than the market rent of $2,833. This disparity means that landlords who rely solely on Section 8 vouchers will see reduced cash flow compared to market rents, making it less ideal as a cash-flow anchor.
However, the area's low 0.2% price-cut share and 30-day days on market (DOM) indicate that rental properties are generally priced correctly and sell quickly, which is beneficial but not enough to classify it purely as an appreciation play. Appreciation plays typically require higher growth potential in property values, which is not strongly indicated here.
The most compelling argument for including ZIP 08723 in a Section 8 portfolio is as a diversifier. With a 18.6% renter share, there is a notable presence of renters, and the median household income stands at $108,643. These figures suggest a diverse economic landscape where both homeowners and renters coexist, providing stability and reducing risk exposure. Additionally, the median home value of $510,963 offers a balance between affordability and value retention, ensuring that investments in this ZIP code do not overly concentrate in either high-risk or high-cost areas.
Incorporating ZIP 08723 into a broader Section 8 investment strategy allows landlords to tap into a reliable tenant pool while maintaining a mix of property types and locations. This approach helps mitigate risks associated with over-reliance on any single type of investment or market condition, thereby enhancing overall portfolio resilience and performance.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.