ZIP 07028 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07028 in the Newark, NJ FMR area.

$2,360Efficiency
$2,6701 bedroom
$3,2202 bedrooms
$4,0203 bedrooms
$4,6004 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,360$2,124$2,596$1,637
1 bedroom$2,670$2,403$2,937$1,850
2 bedrooms$3,220$2,898$3,542$2,233
3 bedrooms$4,020$3,618$4,422$2,785
4 bedrooms$4,600$4,140$5,060$3,188

Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.

Income in ZIP 07028

$316,948average adjusted gross income per tax return (2022)
$228,083average salaries and wages per return
3,470tax returns filed
12%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00015.9%
$25,000 to $50,0007.5%
$50,000 to $75,0007.2%
$75,000 to $100,0006.3%
$100,000 to $200,00018.2%
$200,000 or more45.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 2.3% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07028?

HUD's FY2027 Small Area FMRs for ZIP 07028 (Newark, NJ) are $2,360 efficiency, $2,670 one bedroom, $3,220 two bedrooms, $4,020 three and $4,600 four bedrooms.

What payment standard can a housing authority set in ZIP 07028?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,898 to $3,542.

How affordable is rent in ZIP 07028?

Tax returns filed from ZIP 07028 reported an average adjusted gross income of $316,948 (2022). A two-bedroom unit at the Small Area FMR costs $38,640 a year, or 12% of that income.