ZIP 07032 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07032 in the Bergen-Passaic, NJ FMR area.

Bergen-Passaic, NJ

$2,290Efficiency
$2,3401 bedroom
$2,6002 bedrooms
$3,1603 bedrooms
$3,7004 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,290$2,061$2,519$1,772
1 bedroom$2,340$2,106$2,574$1,987
2 bedrooms$2,600$2,340$2,860$2,282
3 bedrooms$3,160$2,844$3,476$2,771
4 bedrooms$3,700$3,330$4,070$3,497

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

Jersey City, NJ

$2,290Efficiency
$2,3401 bedroom
$2,6002 bedrooms
$3,1603 bedrooms
$3,7004 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,290$2,061$2,519$2,462
1 bedroom$2,340$2,106$2,574$2,514
2 bedrooms$2,600$2,340$2,860$2,792
3 bedrooms$3,160$2,844$3,476$3,392
4 bedrooms$3,700$3,330$4,070$3,976

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

Income in ZIP 07032

$61,031average adjusted gross income per tax return (2022)
$49,189average salaries and wages per return
20,260tax returns filed
51%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00030.9%
$25,000 to $50,00024.7%
$50,000 to $75,00016.7%
$75,000 to $100,00010.2%
$100,000 to $200,00014.2%
$200,000 or more3.3%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 15.1% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07032?

HUD's FY2027 Small Area FMRs for ZIP 07032 (Bergen-Passaic, NJ) are $2,290 efficiency, $2,340 one bedroom, $2,600 two bedrooms, $3,160 three and $3,700 four bedrooms.

What payment standard can a housing authority set in ZIP 07032?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,340 to $2,860.

How affordable is rent in ZIP 07032?

Tax returns filed from ZIP 07032 reported an average adjusted gross income of $61,031 (2022). A two-bedroom unit at the Small Area FMR costs $31,200 a year, or 51% of that income.