ZIP 07721 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07721 in the Middlesex-Somerset-Hunterdon, NJ FMR area.

Middlesex-Somerset-Hunterdon, NJ

$1,810Efficiency
$2,0001 bedroom
$2,4802 bedrooms
$3,1703 bedrooms
$3,5104 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,810$1,629$1,991$1,953
1 bedroom$2,000$1,800$2,200$2,103
2 bedrooms$2,480$2,232$2,728$2,623
3 bedrooms$3,170$2,853$3,487$3,125
4 bedrooms$3,510$3,159$3,861$3,508

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

Monmouth-Ocean, NJ

$1,810Efficiency
$2,0001 bedroom
$2,4802 bedrooms
$3,1703 bedrooms
$3,5104 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,810$1,629$1,991$1,671
1 bedroom$2,000$1,800$2,200$1,847
2 bedrooms$2,480$2,232$2,728$2,283
3 bedrooms$3,170$2,853$3,487$2,927
4 bedrooms$3,510$3,159$3,861$3,241

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

Income in ZIP 07721

$82,749average adjusted gross income per tax return (2022)
$72,056average salaries and wages per return
2,120tax returns filed
36%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00020.8%
$25,000 to $50,00019.8%
$50,000 to $75,00017.9%
$75,000 to $100,00012.3%
$100,000 to $200,00022.2%
$200,000 or more7.1%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 11.3% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07721?

HUD's FY2027 Small Area FMRs for ZIP 07721 (Middlesex-Somerset-Hunterdon, NJ) are $1,810 efficiency, $2,000 one bedroom, $2,480 two bedrooms, $3,170 three and $3,510 four bedrooms.

What payment standard can a housing authority set in ZIP 07721?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,232 to $2,728.

How affordable is rent in ZIP 07721?

Tax returns filed from ZIP 07721 reported an average adjusted gross income of $82,749 (2022). A two-bedroom unit at the Small Area FMR costs $29,760 a year, or 36% of that income.