ZIP 07632 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07632 in the Bergen-Passaic, NJ FMR area.

$2,350Efficiency
$2,6301 bedroom
$3,0202 bedrooms
$3,6703 bedrooms
$4,6304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$2,350$2,115$2,585$1,772
1 bedroom$2,630$2,367$2,893$1,987
2 bedrooms$3,020$2,718$3,322$2,282
3 bedrooms$3,670$3,303$4,037$2,771
4 bedrooms$4,630$4,167$5,093$3,497

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

Income in ZIP 07632

$351,385average adjusted gross income per tax return (2022)
$178,009average salaries and wages per return
2,860tax returns filed
10%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00019.2%
$25,000 to $50,00010.1%
$50,000 to $75,0008.7%
$75,000 to $100,0007.0%
$100,000 to $200,00017.1%
$200,000 or more37.8%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 3.8% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07632?

HUD's FY2027 Small Area FMRs for ZIP 07632 (Bergen-Passaic, NJ) are $2,350 efficiency, $2,630 one bedroom, $3,020 two bedrooms, $3,670 three and $4,630 four bedrooms.

What payment standard can a housing authority set in ZIP 07632?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,718 to $3,322.

How affordable is rent in ZIP 07632?

Tax returns filed from ZIP 07632 reported an average adjusted gross income of $351,385 (2022). A two-bedroom unit at the Small Area FMR costs $36,240 a year, or 10% of that income.