ZIP 08087 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 08087 in the Monmouth-Ocean, NJ FMR area.

Monmouth-Ocean, NJ

$1,650Efficiency
$1,8201 bedroom
$2,2502 bedrooms
$2,8803 bedrooms
$3,1904 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,650$1,485$1,815$1,671
1 bedroom$1,820$1,638$2,002$1,847
2 bedrooms$2,250$2,025$2,475$2,283
3 bedrooms$2,880$2,592$3,168$2,927
4 bedrooms$3,190$2,871$3,509$3,241

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

Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA

$1,650Efficiency
$1,8201 bedroom
$2,2502 bedrooms
$2,8803 bedrooms
$3,1904 bedrooms

Payment standard range

Unit sizeSAFMR90%110%Metro FMR
Efficiency$1,650$1,485$1,815$1,438
1 bedroom$1,820$1,638$2,002$1,558
2 bedrooms$2,250$2,025$2,475$1,860
3 bedrooms$2,880$2,592$3,168$2,216
4 bedrooms$3,190$2,871$3,509$2,445

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

Income in ZIP 08087

$73,706average adjusted gross income per tax return (2022)
$46,727average salaries and wages per return
13,240tax returns filed
37%of average income for a 2-bedroom SAFMR
Adjusted gross incomeShare of returns
$1 to $25,00024.6%
$25,000 to $50,00022.5%
$50,000 to $75,00016.3%
$75,000 to $100,00012.2%
$100,000 to $200,00019.9%
$200,000 or more4.5%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 10.3% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 08087?

HUD's FY2027 Small Area FMRs for ZIP 08087 (Monmouth-Ocean, NJ) are $1,650 efficiency, $1,820 one bedroom, $2,250 two bedrooms, $2,880 three and $3,190 four bedrooms.

What payment standard can a housing authority set in ZIP 08087?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,025 to $2,475.

How affordable is rent in ZIP 08087?

Tax returns filed from ZIP 08087 reported an average adjusted gross income of $73,706 (2022). A two-bedroom unit at the Small Area FMR costs $27,000 a year, or 37% of that income.