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Essex County/Bloomfield/07003

07003

ZIPSAFMR
Essex County, NJ
Zillow

ZIP Investment Score

54Below average

095130300
BRFMR
Eff. Rent
0 BR$1,910$1,470
1 BR$2,150$1,850
2 BR$2,600$2,160
3 BR$3,240$3,560
4 BR$3,710$4,080
5 BR$4,267Not available
6 BR$4,906Not available
7 BR$5,642Not available
8 BR$6,489Not available

Purchase Price Calculator

Maximum purchase price
$259,059

Cost breakdown

+Likely effective rent$2,160
HUD FMR$2,600
Market rentUsed$2,160
Est. payment standard (90%)$2,340
-Principal and interest-$1,310
Loan amount$207,247
Down payment$51,812
Rate6.50%
Term30 years
-Operating costs-$650
Property taxes-$259
Insurance-$175
Utilities$0
HOA$0
Management-$216
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$34,544(66.7% ROI)
Projected value
$278,978
Return breakdown
Property appreciation+$19,919
Loan principal paid down+$7,425
Rental cash flow+$7,200
5-year hold
+$59,283(114.4% ROI)
Projected value
$293,101
Return breakdown
Property appreciation+$34,042
Loan principal paid down+$13,241
Rental cash flow+$12,000
10-year hold
+$128,109(247.3% ROI)
Projected value
$331,617
Return breakdown
Property appreciation+$72,558
Loan principal paid down+$31,551
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.30
1 BR
1.16
2 BR
1.20
3 BR
0.85
4 BR
0.77
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07003 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07003 (Bloomfield, NJ) is $2,600 a month. That is up 4.4% from $2,490 in FY 2026. Bloomfield 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. Among 39 ZIP codes in Essex County, 07003 has the 16th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07003 is 16% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07003
BedroomsFY 2027Change90–110% range
Studio$1,910+4.9%$1,719–$2,101
1BR$2,150+4.4%$1,935–$2,365
2BR$2,600+4.4%$2,340–$2,860
3BR$3,240+3.8%$2,916–$3,564
4BR$3,710+4.8%$3,339–$4,081

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07003
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,910$2,150$2,600$3,240$3,710
FY 2026$1,820$2,060$2,490$3,120$3,540
FY 2025$1,660$1,890$2,290$2,880$3,280
FY 2024$1,480$1,710$2,060$2,610$3,010
FY 2023$1,220$1,440$1,730$2,200$2,580

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07003
07003Current$2,600—
07004$3,350+28.8%
07006$2,650+1.9%
07007$2,110−18.8%
07009$2,520−3.1%
07017$1,990−23.5%
07018$2,100−19.2%
07019$2,110−18.8%
07021$2,860+10.0%
07028$3,220+23.8%
07039$3,350+28.8%
07040$2,870+10.4%

Questions about ZIP 07003 rents

How much will Section 8 pay for a two-bedroom in ZIP 07003?

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 $2,600 it would be $2,340 to $2,860. 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 ZIP 07003 in?

ZIP 07003 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 ZIP 07003 for FY 2027?

The two-bedroom FMR rose 4.4%, from $2,490 in FY 2026 to $2,600 in FY 2027. Since FY 2023 it has risen 50.3%.

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

County fair market rentBloomfield, NJ fair market rentNJ statewide rentsWhat is SAFMR?Data sources