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 | $1,540 |
| 1 Bedroom | $1,710 |
| 2 Bedrooms | $2,110 |
| 3 Bedrooms | $2,710 |
| 4 Bedrooms | $3,000 |
| 5 Bedrooms | $3,480 |
| 6 Bedrooms | $3,898 |
| 7 Bedrooms | $4,210 |
| 8 Bedrooms | $4,421 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,710 | $620,561 | 0.44% | F |
| 4BR | $3,000 | $805,889 | 0.37% | F |
U.S. Census Bureau data (2024)
5.4% of residents in ZIP 08732 are renters, indicating a smaller but still significant rental market. In this context, landlords and small-portfolio investors should note that the Fair Market Rent (FMR) for the area, as of fiscal year 2024, is set at $2030. This figure represents the maximum amount that a Section 8 voucher holder can pay towards their housing costs, providing a benchmark for rental pricing. Comparatively, the average market rent reported by the Census Bureau's American Community Survey stands at $1,750, suggesting that rental properties priced at the FMR level might be slightly above the local average.
$641,026 is the median home value in ZIP 08732, reflecting a relatively affluent neighborhood where homeownership is more common than renting. However, the median household income in the area is $110,000, which means that while there is disposable income, it may not necessarily translate into higher rental prices due to the availability of owner-occupied homes.
The lack of specific data on days on market (DOM) and the percentage of price-cut shares indicates stability in the rental market without significant fluctuations or prolonged vacancy periods. Landlords can expect steady demand for rental units without the need for frequent price adjustments.
In conclusion, for ZIP 08732, the rental market appears stable and moderately competitive, with the Section 8 FMR being a reliable guide for setting rents. The $2030 FMR is above the local market average of $1,750, making it attractive for landlords who can accommodate voucher holders. Given the affluent nature of the area and the relatively low renter share, landlords should focus on maintaining quality properties to attract tenants willing to pay closer to the FMR. For small-portfolio investors, the opportunity to leverage the Section 8 program in ZIP 08732 is favorable, provided they adhere to the established guidelines and standards.
Verdict: Section 8 is a viable option in ZIP 08732 for landlords seeking stable occupancy.
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.