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 | $1,950 |
| 1 Bedroom | $2,150 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,410 |
| 4 Bedrooms | $3,780 |
| 5 Bedrooms | $4,385 |
| 6 Bedrooms | $4,911 |
| 7 Bedrooms | $5,304 |
| 8 Bedrooms | $5,569 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,660 | $394,399 | 0.67% | D |
| 3BR | $3,410 | $491,404 | 0.69% | D |
| 4BR | $3,780 | $649,040 | 0.58% | F |
| 5BR | $4,385 | $750,282 | 0.58% | F |
U.S. Census Bureau data (2024)
The ZIP code 08731, located in Forked River, New Jersey, presents an interesting scenario when viewed from the perspective of renters. The median household income here stands at $98,582, according to recent Census American Community Survey (ACS) data. At first glance, this might seem sufficient to cover the market rate rent of $2,070 per month. However, a closer look reveals a significant affordability gap.
To understand this gap, consider that the Fair Market Rent (FMR) for ZIP 08731, which is used as a standard for Housing Choice Voucher payments, is set at $2,180 for fiscal year 2024. This means that even with a voucher, the cost of housing approaches the upper limit of affordability for the average household. For those without vouchers, the market rate of $2,070 is already a substantial portion of their income.
Given that only 13.4% of the 21,629 population are renters, competition among landlords is likely to be fierce. This low percentage of renters suggests a high demand for rental properties, but also indicates that many potential tenants may struggle to find affordable options, especially if they do not qualify for assistance programs.
The takeaway for landlords is clear: while the rental market in Forked River, NJ, is competitive, relying solely on market-rate rents could limit your tenant pool. Accepting Housing Choice Vouchers ensures access to a broader range of potential tenants who can afford the rent due to government assistance. Landlords should weigh the benefits of steady, government-backed payments against the slightly higher FMR rate and the challenges of attracting tenants willing to pay market rates without subsidies.
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.