ZIP 08551 Fair Market Rent FY2027
Small Area Fair Market Rents for ZIP code 08551 in the Middlesex-Somerset-Hunterdon, NJ FMR area.
Payment standard range
| Unit size | SAFMR | 90% | 110% | Metro FMR |
|---|---|---|---|---|
| Efficiency | $2,130 | $1,917 | $2,343 | $1,953 |
| 1 bedroom | $2,290 | $2,061 | $2,519 | $2,103 |
| 2 bedrooms | $2,860 | $2,574 | $3,146 | $2,623 |
| 3 bedrooms | $3,410 | $3,069 | $3,751 | $3,125 |
| 4 bedrooms | $3,830 | $3,447 | $4,213 | $3,508 |
Housing authorities may set voucher payment standards from 90% to 110% of the FMR that applies to them.
Income in ZIP 08551
| Adjusted gross income | Share of returns |
|---|---|
| $1 to $25,000 | 20.1% |
| $25,000 to $50,000 | 12.7% |
| $50,000 to $75,000 | 10.6% |
| $75,000 to $100,000 | 8.1% |
| $100,000 to $200,000 | 23.7% |
| $200,000 or more | 24.7% |
IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 4.2% of returns claimed the Earned Income Tax Credit.
Questions and answers
What is the Small Area Fair Market Rent for ZIP code 08551?
HUD's FY2027 Small Area FMRs for ZIP 08551 (Middlesex-Somerset-Hunterdon, NJ) are $2,130 efficiency, $2,290 one bedroom, $2,860 two bedrooms, $3,410 three and $3,830 four bedrooms.
What payment standard can a housing authority set in ZIP 08551?
Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $2,574 to $3,146.
How affordable is rent in ZIP 08551?
Tax returns filed from ZIP 08551 reported an average adjusted gross income of $166,930 (2022). A two-bedroom unit at the Small Area FMR costs $34,320 a year, or 21% of that income.