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Essex County/Essex Fells/07021

07021

ZIPSAFMR
Essex County, NJ
Zillow

ZIP Investment Score

32Below average

095130300
BRFMR
Eff. Rent
0 BR$2,090$2,300
1 BR$2,370$2,380
2 BR$2,860$3,020
3 BR$3,560$3,610
4 BR$4,080$4,490
5 BR$4,692Not available
6 BR$5,396Not available
7 BR$6,205Not available
8 BR$7,136Not available

Purchase Price Calculator

Maximum purchase price
$386,854

Cost breakdown

+Likely effective rent$3,020
HUD FMR$2,860
Market rent$3,110
Est. payment standard (106%)Used$3,020
-Principal and interest-$1,956
Loan amount$309,483
Down payment$77,371
Rate6.50%
Term30 years
-Operating costs-$864
Property taxes-$387
Insurance-$175
Utilities$0
HOA$0
Management-$302
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$48,034(62.1% ROI)
Projected value
$416,600
Return breakdown
Property appreciation+$29,745
Loan principal paid down+$11,088
Rental cash flow+$7,200
5-year hold
+$82,609(106.8% ROI)
Projected value
$437,690
Return breakdown
Property appreciation+$50,836
Loan principal paid down+$19,773
Rental cash flow+$12,000
10-year hold
+$179,467(232.0% ROI)
Projected value
$495,206
Return breakdown
Property appreciation+$108,352
Loan principal paid down+$47,115
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.72
1 BR
1.00
2 BR
0.92
3 BR
0.98
4 BR
0.78
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07021 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07021 (Essex Fells, NJ) is $2,860 a month. That is up 0.4% from $2,850 in FY 2026. Essex Fells 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, 07021 has the 11th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07021 is 28% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07021
BedroomsFY 2027Change90–110% range
Studio$2,090+0.5%$1,881–$2,299
1BR$2,370+0.4%$2,133–$2,607
2BR$2,860+0.4%$2,574–$3,146
3BR$3,560−0.3%$3,204–$3,916
4BR$4,080+0.5%$3,672–$4,488

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07021
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,090$2,370$2,860$3,560$4,080
FY 2026$2,080$2,360$2,850$3,570$4,060
FY 2025$2,020$2,300$2,780$3,500$3,990
FY 2024$1,790$2,060$2,490$3,150$3,630
FY 2023$1,450$1,720$2,060$2,620$3,080

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07021
07003$2,600−9.1%
07004$3,350+17.1%
07006$2,650−7.3%
07007$2,110−26.2%
07009$2,520−11.9%
07017$1,990−30.4%
07018$2,100−26.6%
07019$2,110−26.2%
07021Current$2,860—
07028$3,220+12.6%
07039$3,350+17.1%
07040$2,870+0.3%

Questions about ZIP 07021 rents

How much will Section 8 pay for a two-bedroom in ZIP 07021?

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 $2,860 it would be $2,574 to $3,146. 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 07021 in?

ZIP 07021 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 07021 for FY 2027?

The two-bedroom FMR rose 0.4%, from $2,850 in FY 2026 to $2,860 in FY 2027. Since FY 2023 it has risen 38.8%.

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 rentEssex Fells, NJ fair market rentNJ statewide rentsWhat is SAFMR?Data sources