ZIP 07029 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07029 in the Jersey City, NJ FMR area.

$2,520Efficiency
$2,5701 bedroom
$2,8602 bedrooms
$3,4703 bedrooms
$4,0704 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,520$2,268$2,772$2,462
1 bedroom$2,570$2,313$2,827$2,514
2 bedrooms$2,860$2,574$3,146$2,792
3 bedrooms$3,470$3,123$3,817$3,392
4 bedrooms$4,070$3,663$4,477$3,976

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

Income in ZIP 07029

$69,825average adjusted gross income per tax return (2022)
$62,670average salaries and wages per return
11,410tax returns filed
49%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00027.6%
$25,000 to $50,00022.9%
$50,000 to $75,00015.4%
$75,000 to $100,00012.0%
$100,000 to $200,00016.9%
$200,000 or more5.2%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 12.6% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07029?

HUD's FY2027 Small Area FMRs for ZIP 07029 (Jersey City, NJ) are $2,520 efficiency, $2,570 one bedroom, $2,860 two bedrooms, $3,470 three and $4,070 four bedrooms.

What payment standard can a housing authority set in ZIP 07029?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,574 to $3,146.

How affordable is rent in ZIP 07029?

Tax returns filed from ZIP 07029 reported an average adjusted gross income of $69,825 (2022). A two-bedroom unit at the Small Area FMR costs $34,320 a year, or 49% of that income.