ZIP 08620 Fair Market Rent FY2027

Small Area Fair Market Rents for ZIP code 08620 in the Monmouth-Ocean, NJ FMR area.

Monmouth-Ocean, NJ

$1,470Efficiency

$1,6501 bedroom

$2,0702 bedrooms

$2,5203 bedrooms

$2,8304 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$1,470	$1,323	$1,617	$1,671
1 bedroom	$1,650	$1,485	$1,815	$1,847
2 bedrooms	$2,070	$1,863	$2,277	$2,283
3 bedrooms	$2,520	$2,268	$2,772	$2,927
4 bedrooms	$2,830	$2,547	$3,113	$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

$1,470Efficiency

$1,6501 bedroom

$2,0702 bedrooms

$2,5203 bedrooms

$2,8304 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$1,470	$1,323	$1,617	$1,438
1 bedroom	$1,650	$1,485	$1,815	$1,558
2 bedrooms	$2,070	$1,863	$2,277	$1,860
3 bedrooms	$2,520	$2,268	$2,772	$2,216
4 bedrooms	$2,830	$2,547	$3,113	$2,445

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

Trenton-Princeton, NJ MSA

$1,470Efficiency

$1,6501 bedroom

$2,0702 bedrooms

$2,5203 bedrooms

$2,8304 bedrooms

Payment standard range

Unit size	SAFMR	90%	110%	Metro FMR
Efficiency	$1,470	$1,323	$1,617	$1,561
1 bedroom	$1,650	$1,485	$1,815	$1,764
2 bedrooms	$2,070	$1,863	$2,277	$2,242
3 bedrooms	$2,520	$2,268	$2,772	$2,741
4 bedrooms	$2,830	$2,547	$3,113	$3,081

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

Income in ZIP 08620

$97,232average adjusted gross income per tax return (2022)

$68,909average salaries and wages per return

6,230tax returns filed

26%of average income for a 2-bedroom SAFMR

Adjusted gross income	Share of returns
$1 to $25,000	18.9%
$25,000 to $50,000	18.6%
$50,000 to $75,000	16.4%
$75,000 to $100,000	11.4%
$100,000 to $200,000	25.7%
$200,000 or more	9.0%

IRS Statistics of Income, individual income tax returns by ZIP code, tax year 2022. 6.7% of returns claimed the Earned Income Tax Credit.

Questions and answers

What is the Small Area Fair Market Rent for ZIP code 08620?

HUD's FY2027 Small Area FMRs for ZIP 08620 (Monmouth-Ocean, NJ) are $1,470 efficiency, $1,650 one bedroom, $2,070 two bedrooms, $2,520 three and $2,830 four bedrooms.

What payment standard can a housing authority set in ZIP 08620?

Public housing agencies may set voucher payment standards between 90% and 110% of the Small Area FMR – for a two-bedroom unit $1,863 to $2,277.

How affordable is rent in ZIP 08620?

Tax returns filed from ZIP 08620 reported an average adjusted gross income of $97,232 (2022). A two-bedroom unit at the Small Area FMR costs $24,840 a year, or 26% of that income.