ZIP 07462 Fair Market Rent FY2027
Small Area Fair Market Rents for ZIP code 07462 in the Newark, NJ FMR area.
Payment standard range
| Unit size | SAFMR | 90% | 110% | Metro FMR |
|---|---|---|---|---|
| Efficiency | $1,580 | $1,422 | $1,738 | $1,637 |
| 1 bedroom | $1,790 | $1,611 | $1,969 | $1,850 |
| 2 bedrooms | $2,160 | $1,944 | $2,376 | $2,233 |
| 3 bedrooms | $2,690 | $2,421 | $2,959 | $2,785 |
| 4 bedrooms | $3,080 | $2,772 | $3,388 | $3,188 |
Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.
Income in ZIP 07462
| Adjusted gross income | Share of returns |
|---|---|
| $1 to $25,000 | 23.1% |
| $25,000 to $50,000 | 20.3% |
| $50,000 to $75,000 | 17.5% |
| $75,000 to $100,000 | 13.0% |
| $100,000 to $200,000 | 20.8% |
| $200,000 or more | 5.4% |
IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 9.0% of returns claimed the Earned Income Tax Credit.
Questions and answers
What is the Small Area Fair Market Rent for ZIP code 07462?
HUD's FY2027 Small Area FMRs for ZIP 07462 (Newark, NJ) are $1,580 efficiency, $1,790 one bedroom, $2,160 two bedrooms, $2,690 three and $3,080 four bedrooms.
What payment standard can a housing authority set in ZIP 07462?
Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,944 to $2,376.
How affordable is rent in ZIP 07462?
Tax returns filed from ZIP 07462 reported an average adjusted gross income of $78,131 (2022). A two-bedroom unit at the Small Area FMR costs $25,920 a year, or 33% of that income.