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 | $1,560 |
| 1 Bedroom | $1,720 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,730 |
| 4 Bedrooms | $3,020 |
| 5 Bedrooms | $3,503 |
| 6 Bedrooms | $3,923 |
| 7 Bedrooms | $4,237 |
| 8 Bedrooms | $4,449 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,130 | $410,554 | 0.52% | F |
| 3BR | $2,730 | $505,285 | 0.54% | F |
| 4BR | $3,020 | $671,450 | 0.45% | F |
| 5BR | $3,503 | $792,930 | 0.44% | F |
U.S. Census Bureau data (2024)
Located in Ocean County, New Jersey, Lanoka Harbor (ZIP 08734) stands out among other communities due to its unique data profile. With a total population of 7,879 residents, only 7.2% are renters, indicating a predominantly owner-occupied community. The median household income in Lanoka Harbor is $116,000, reflecting a relatively affluent area. Moreover, the median home value of $556,261 underscores the high cost of homeownership in this coastal town.
The economics of Section 8 vouchers in Lanoka Harbor present an interesting opportunity for landlords. The Fair Market Rent (FMR) for the area, set at $2,110 for fiscal year 2024, significantly exceeds the average market rent of $1,568, based on Census American Community Survey data. This means that landlords participating in the Section 8 program can potentially receive higher rental payments compared to the local market rates, which could be advantageous given the high property values in the area.
Despite the attractive economic incentives for landlords, the data signature of Lanoka Harbor suggests a stable rather than transitional market. The low percentage of renters and the high median income indicate a community where most residents can afford market-rate housing, making it less likely for significant changes in the rental market dynamics. Furthermore, the high median home value points to a mature housing market with established homeownership patterns, reinforcing the notion of stability over transition.
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.