Location: Middlesex-Somerset-Hunterdon, NJ | Metro: Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,940 |
| 1 Bedroom | $2,080 |
| 2 Bedrooms | $2,600 |
| 3 Bedrooms | $3,100 |
| 4 Bedrooms | $3,480 |
| 5 Bedrooms | $4,037 |
| 6 Bedrooms | $4,521 |
| 7 Bedrooms | $4,883 |
| 8 Bedrooms | $5,127 |
The Fair Market Rent (FMR) for ZIP code 08862 in New Jersey for fiscal year 2024 is set at $2250. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for determining the maximum amount that landlords can charge tenants participating in the Section 8 program. It's important to note that this is not the actual rent you will receive, but rather the ceiling on the portion of rent covered by the housing voucher.
To understand the implications of this FMR, consider that it does not directly correlate with the average market rent in your area. The local average rent is currently unavailable, which makes it challenging to compare directly, but the FMR provides a benchmark for what HUD deems reasonable for the area. The percentage of renters in the ZIP code who might qualify for Section 8 assistance is also not available, but typically, this can indicate the potential demand for subsidized rentals. If the share of renters eligible for Section 8 is high, it suggests strong demand for affordable housing options.
The acquisition cost for properties in this ZIP code is also marked as N/A, meaning that specific data is not available. However, in general, properties that meet the eligibility criteria for Section 8 are often priced lower than those in the broader market due to their focus on affordability and the nature of the program. When evaluating a property, ensure it meets all the quality standards set by HUD, such as the Housing Quality Standards (HQS), to avoid any issues that could lead to reduced payments or termination of the lease agreement.
One clear thing to verify before proceeding with a Section 8 rental: Confirm that the property complies with all HUD HQS requirements. This includes ensuring that the unit is safe, decent, and sanitary. Non-compliance can result in penalties and loss of income, so it's crucial to have an inspection done if you're unsure about meeting these standards.
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.