ZIP 07747 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 07747 in the Middlesex-Somerset-Hunterdon, NJ FMR area.

Middlesex-Somerset-Hunterdon, NJ

$1,870Efficiency
$2,0501 bedroom
$2,5402 bedrooms
$3,1803 bedrooms
$3,5304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,870$1,683$2,057$1,953
1 bedroom$2,050$1,845$2,255$2,103
2 bedrooms$2,540$2,286$2,794$2,623
3 bedrooms$3,180$2,862$3,498$3,125
4 bedrooms$3,530$3,177$3,883$3,508

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

Monmouth-Ocean, NJ

$1,870Efficiency
$2,0501 bedroom
$2,5402 bedrooms
$3,1803 bedrooms
$3,5304 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,870$1,683$2,057$1,671
1 bedroom$2,050$1,845$2,255$1,847
2 bedrooms$2,540$2,286$2,794$2,283
3 bedrooms$3,180$2,862$3,498$2,927
4 bedrooms$3,530$3,177$3,883$3,241

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

Income in ZIP 07747

$111,388average adjusted gross income per tax return (2022)
$83,719average salaries and wages per return
16,600tax returns filed
27%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00020.3%
$25,000 to $50,00015.0%
$50,000 to $75,00013.8%
$75,000 to $100,00011.3%
$100,000 to $200,00025.3%
$200,000 or more14.3%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 6.3% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 07747?

HUD's FY2027 Small Area FMRs for ZIP 07747 (Middlesex-Somerset-Hunterdon, NJ) are $1,870 efficiency, $2,050 one bedroom, $2,540 two bedrooms, $3,180 three and $3,530 four bedrooms.

What payment standard can a housing authority set in ZIP 07747?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,286 to $2,794.

How affordable is rent in ZIP 07747?

Tax returns filed from ZIP 07747 reported an average adjusted gross income of $111,388 (2022). A two-bedroom unit at the Small Area FMR costs $30,480 a year, or 27% of that income.