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 | $1,750 |
| 1 Bedroom | $1,930 |
| 2 Bedrooms | $2,390 |
| 3 Bedrooms | $3,070 |
| 4 Bedrooms | $3,410 |
| 5 Bedrooms | $3,956 |
| 6 Bedrooms | $4,431 |
| 7 Bedrooms | $4,785 |
| 8 Bedrooms | $5,024 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,390 | $369,637 | 0.65% | D |
| 3BR | $3,070 | $462,542 | 0.66% | D |
| 4BR | $3,410 | $557,803 | 0.61% | D |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 08740, Ocean Gate, NJ, is set at $2160 for fiscal year 2024. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which is the maximum amount that the government will pay toward your tenant's rent. It is important to note that this is not the actual rent you can charge your tenants, but rather the cap on the government subsidy.
To put this into perspective, the average rent for the area, according to the Census Bureau's American Community Survey, is approximately $1604. This indicates that the FMR is higher than the typical market rate, offering a potential advantage to landlords participating in the Section 8 program.
About 17.5% of the population in Ocean Gate, NJ, are renters. This suggests a steady demand for rental properties, particularly those affordable through government assistance programs like Section 8. With an FMR of $2160, you can expect a reasonable level of interest from voucher holders looking for housing in this area.
If you're considering purchasing a property to use as a Section 8 rental, the median home value in the area is around $440,196. This is the estimated price you might need to pay for a property, keeping in mind that it could be higher or lower depending on the condition and specific location of the property.
Before proceeding with a Section 8 rental in ZIP 08740, it is crucial to verify that your property meets all the necessary requirements for participation in the program. Specifically, ensure that the unit passes the Housing Quality Standards (HQS) inspection. This check ensures that the property is safe, decent, and sanitary, which is mandatory for any Section 8 rental.
In summary, the FMR of $2160 offers a clear guideline for the government subsidy you can expect. With a median home value of $440,196 and a renter share of 17.5%, there is a solid basis for investment. However, make sure your property complies with HQS standards before finalizing your decision.
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.