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 | $1,730 |
| 1 Bedroom | $1,960 |
| 2 Bedrooms | $2,410 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,490 |
| 5 Bedrooms | $4,048 |
| 6 Bedrooms | $4,534 |
| 7 Bedrooms | $4,897 |
| 8 Bedrooms | $5,142 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,150 | $1,487,818 | 0.21% | F |
| 4BR | $3,490 | $2,125,788 | 0.16% | F |
| 5BR | $4,048 | $3,459,879 | 0.12% | F |
U.S. Census Bureau data (2024)
The ZIP code 08738 is not predominantly a renter-heavy area, with only 4.7% of its population being renters. This indicates that the demand for rental properties, including those utilizing Section 8 vouchers, is relatively low compared to areas with higher percentages of renters. The total population of 1,381 suggests a limited pool of potential tenants overall.
The median household income in 08738 is notably high at $250,001. When considering the average market rent of $2,094, it represents less than 1% of the local median income. This makes housing costs in this area relatively affordable for most residents, even without government assistance.
Comparing the market rent to the Fair Market Rent (FMR) set by HUD at $1,880 for FY 2024, we see that the actual rents are slightly above the FMR. Landlords should be aware that while the market rent is higher, it still falls within the allowable range for Section 8 vouchers, meaning tenants can use their vouchers to cover the cost of renting in this area.
A landlord in ZIP 08738 should expect tenants who are likely to have additional financial resources beyond just the voucher amount. Given the high median income, tenants may also contribute a portion of their own funds towards rent, making up the difference between the FMR and the market rent. These tenants are typically stable and committed to maintaining their housing situation due to the overall economic conditions of the area.
To summarize, while the number of renters is low, the high median income and the alignment of market rents with FMR guidelines make 08738 a viable option for landlords interested in Section 8 tenants. The expected tenant profile would include individuals capable of contributing some personal funds towards rent, alongside their vouchers, ensuring a steady and reliable source of income for the property owner.
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.