FMR is below market; voucher rent may lag private rents.
0.88
1 BR
1 BR- 07940
0.97ratio
FMR$2,520
Market$2,590
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.97
2 BR
2 BR- 07940
0.88ratio
FMR$3,040
Market$3,470
vs market-$430
FMR is below market; voucher rent may lag private rents.
0.88
3 BR
3 BR- 07940
0.87ratio
FMR$3,790
Market$4,340
vs market-$550
FMR is below market; voucher rent may lag private rents.
0.87
4 BR
4 BR- 07940
0.74ratio
FMR$4,340
Market$5,860
vs market-$1,520
FMR is below market; voucher rent may lag private rents.
0.74
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
Madison, NJ fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in Madison, NJ is $3,040 a month. That is unchanged from FY 2026. Madison is in the Newark, NJ HUD Metro FMR Area. HUD also publishes the ZIP-level Small Area FMRs shown here, but unless the local housing authority has adopted them, vouchers are based on the metro-wide two-bedroom FMR of $2,233. The median county two-bedroom FMR in New Jersey is $2,233, so Madison is 36% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for Madison, NJ
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$2,220
$2,230
+0.5%
$2,007–$2,453
1BR
$2,510
$2,520
+0.4%
$2,268–$2,772
2BR
$3,040
$3,040
0.0%
$2,736–$3,344
3BR
$3,810
$3,790
−0.5%
$3,411–$4,169
4BR
$4,320
$4,340
+0.5%
$3,906–$4,774
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for Madison, NJ
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,230
$2,520
$3,040
$3,790
$4,340
FY 2026
$2,220
$2,510
$3,040
$3,810
$4,320
FY 2025
$2,150
$2,450
$2,960
$3,730
$4,240
FY 2024
$1,910
$2,210
$2,660
$3,360
$3,890
FY 2023
$1,550
$1,830
$2,200
$2,790
$3,280
Questions about Madison, NJ rents
How much will Section 8 pay for a two-bedroom in Madison, NJ?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,233, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,010 to $2,456 a month; under the ZIP-level Small Area FMR of $3,040 it would be $2,736 to $3,344. The voucher pays the lower of the payment standard or the gross rent, minus the tenant's share, which is usually about 30% of adjusted monthly income. Confirm the local housing authority's current schedule before underwriting.
Which HUD fair market rent area is Madison, NJ in?
Madison, NJ is in the Newark, NJ HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,233.
How much did fair market rent change in Madison, NJ for FY 2027?
The two-bedroom FMR was unchanged at $3,040 in FY 2027. Since FY 2023 it has risen 38.2%.
When do FY 2027 fair market rents take effect?
HUD's FY 2027 fair market rents took effect on October 1, 2026. When FMRs change, housing authorities generally have up to three months to bring payment standards back within 90% to 110% of the new FMR.
Source: HUD FY 2027 Small Area Fair Market Rents and area FMRs. Payment-standard ranges are 90% to 110% of FMR, HUD's basic range, not a housing authority's published schedule. How payment standards are set