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 | $1,600 |
| 1 Bedroom | $1,770 |
| 2 Bedrooms | $2,190 |
| 3 Bedrooms | $2,810 |
| 4 Bedrooms | $3,110 |
| 5 Bedrooms | $3,608 |
| 6 Bedrooms | $4,041 |
| 7 Bedrooms | $4,364 |
| 8 Bedrooms | $4,582 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,190 | $330,374 | 0.66% | D |
| 3BR | $2,810 | $376,596 | 0.75% | D |
U.S. Census Bureau data (2024)
ZIP code 08733, located in Whiting, NJ, falls within the broader Monmouth-Ocean, NJ HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $1,870, closely aligning with the market rent of $1,853. This indicates that the rental rates in 08733 are reflective of the overall metro area's pricing trends.
The median home value in 08733 stands at $362,783, which is lower than the average home values in the larger Monmouth-Ocean, NJ HUD Metro FMR Area. This suggests that 08733 could be considered a value pocket within the metro, offering more affordable housing options compared to other areas.
A significant portion of residents in 08733 are renters, comprising 39.5% of the total population. This is notably higher than the national average but still reflects a substantial owner-occupied base. The combination of a high renter share and below-average home values can indicate a favorable environment for landlords and small-portfolio investors, particularly those interested in Section 8 properties.
To further contextualize 08733's position within the metro, it is essential to consider the implications of these figures. The slight premium in FMR over market rent ($1870 vs. $1853) might suggest a slightly higher demand for subsidized housing units in the area. However, given the lower home values, there is potential for landlords to acquire properties at a cost-effective rate while still benefiting from the demand for rental housing.
While the data provided does not offer a comprehensive comparison with every ZIP code in the Monmouth-Ocean, NJ HUD Metro FMR Area, it is evident that 08733 presents a unique opportunity within its sub-market. It is neither a mid-tier neighborhood nor a premium sub-market but rather a value pocket where the high proportion of renters and relatively low home values create a scenario that could be advantageous for those involved in Section 8 real estate.
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.