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Essex County/Glen Ridge/07028

07028

ZIPSAFMR
Essex County, NJ
Zillow

ZIP Investment Score

49Below average

095130300
BRFMR
Eff. Rent
0 BR$2,360$1,980
1 BR$2,670$2,250
2 BR$3,220$2,890
3 BR$4,020$4,230
4 BR$4,600$5,060
5 BR$5,290Not available
6 BR$6,083Not available
7 BR$6,996Not available
8 BR$8,045Not available

Purchase Price Calculator

Maximum purchase price
$367,536

Cost breakdown

+Likely effective rent$2,890
HUD FMR$3,220
Market rentUsed$2,890
Est. payment standard (93%)$3,010
-Principal and interest-$1,858
Loan amount$294,029
Down payment$73,507
Rate6.50%
Term30 years
-Operating costs-$832
Property taxes-$368
Insurance-$175
Utilities$0
HOA$0
Management-$289
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$45,994(62.6% ROI)
Projected value
$395,796
Return breakdown
Property appreciation+$28,260
Loan principal paid down+$10,534
Rental cash flow+$7,200
5-year hold
+$79,083(107.6% ROI)
Projected value
$415,834
Return breakdown
Property appreciation+$48,297
Loan principal paid down+$18,786
Rental cash flow+$12,000
10-year hold
+$171,704(233.6% ROI)
Projected value
$470,478
Return breakdown
Property appreciation+$102,941
Loan principal paid down+$44,763
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.19
1 BR
1.19
2 BR
1.11
3 BR
0.93
4 BR
0.86
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07028 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07028 (Glen Ridge, NJ) is $3,220 a month. That is up 9.9% from $2,930 in FY 2026. Glen Ridge 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, 07028 has the 5th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07028 is 44% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07028
BedroomsFY 2027Change90–110% range
Studio$2,360+10.3%$2,124–$2,596
1BR$2,670+10.3%$2,403–$2,937
2BR$3,220+9.9%$2,898–$3,542
3BR$4,020+9.5%$3,618–$4,422
4BR$4,600+10.3%$4,140–$5,060

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07028
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,360$2,670$3,220$4,020$4,600
FY 2026$2,140$2,420$2,930$3,670$4,170
FY 2025$1,960$2,240$2,710$3,410$3,880
FY 2024$1,740$2,010$2,420$3,060$3,540
FY 2023$1,420$1,680$2,020$2,560$3,010

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07028
07009$2,520−21.7%
07017$1,990−38.2%
07018$2,100−34.8%
07019$2,110−34.5%
07021$2,860−11.2%
07028Current$3,220—
07039$3,350+4.0%
07040$2,870−10.9%
07041$2,630−18.3%
07042$2,940−8.7%
07043$3,190−0.9%
07044$2,870−10.9%

Questions about ZIP 07028 rents

How much will Section 8 pay for a two-bedroom in ZIP 07028?

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 $3,220 it would be $2,898 to $3,542. 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 07028 in?

ZIP 07028 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 07028 for FY 2027?

The two-bedroom FMR rose 9.9%, from $2,930 in FY 2026 to $3,220 in FY 2027. Since FY 2023 it has risen 59.4%.

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 rentGlen Ridge, NJ fair market rentNJ statewide rentsWhat is SAFMR?Data sources