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 ZIP code 08903 corresponds to an area in Unknown, NJ. This neighborhood lacks detailed demographic data, with key metrics such as population, percentage of renters, median income, and median home value being unavailable. Despite these gaps, the rental economics provide some insight into the investment potential.
The Fair Market Rent (FMR) for ZIP code 08903 in fiscal year 2024 is set at $2250. Without comparative market rent data, it's challenging to gauge the exact premium or discount that voucher rents might offer over the local market rates. However, the FMR figure can serve as a benchmark for landlords considering participation in the Section 8 program.
Given the limited data available, ZIP 08903 appears more suited for hands-off voucher operators rather than hands-on value-add buyers. The absence of detailed economic indicators suggests a stable but low-growth environment, where the predictability of government-backed rental payments could be more attractive than the risks associated with trying to increase property values or rents through active management.
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.