Location: Monmouth-Ocean, NJ | Metro: Monmouth-Ocean, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,640 |
| 1 Bedroom | $1,810 |
| 2 Bedrooms | $2,240 |
| 3 Bedrooms | $2,870 |
| 4 Bedrooms | $3,180 |
| 5 Bedrooms | $3,689 |
| 6 Bedrooms | $4,132 |
| 7 Bedrooms | $4,463 |
| 8 Bedrooms | $4,686 |
The ZIP code 08739 in New Jersey presents a dynamic real estate market that is currently evolving. With a Fair Market Rent (FMR) of $1930 for fiscal year 2024, it suggests a level of affordability for renters. However, the absence of market rent data indicates a potential lack of significant rental activity, which could mean that the area is primarily focused on homeownership.
The median home value of $1,656,829 highlights a premium residential market, suggesting that homeownership is a costly endeavor. This high median home value could indicate a strong demand for housing, especially if the supply of homes for sale is limited. In such a scenario, it would imply that demand might be outpacing supply, leading to higher prices.
The unknown percentage of price-cut share and days on market (DOM) suggest that there is no immediate indication of overpricing or prolonged periods of unsold inventory. These missing figures could mean that the market is stable, with properties selling at or near their asking prices without extended listing times.
Without a specified percentage of renter share, it's challenging to gauge the exact balance between renters and owners. However, the high median home value coupled with the known FMR suggests that the cost of renting is significantly lower than owning, which might attract more buyers than renters. This dynamic can contribute to long-term housing pressure, as the demand for homeownership could continue to rise, pushing prices higher.
In summary, ZIP 08739 appears to be a market where demand for homeownership is strong, driven by the high median home value and the relatively low FMR. The lack of detailed rental data points towards a focus on owner-occupied properties, which could lead to sustained housing pressure as more individuals seek to enter the homeownership market.
Data Sources: FMR data from HUD (2027).
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.