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Essex County/Millburn/07041

07041

ZIPSAFMR
Essex County, NJ
Zillow

ZIP Investment Score

29Below average

095130300
BRFMR
Eff. Rent
0 BR$1,930$2,120
1 BR$2,180$2,400
2 BR$2,630$2,890
3 BR$3,280$3,610
4 BR$3,750$4,130
5 BR$4,313Not available
6 BR$4,959Not available
7 BR$5,703Not available
8 BR$6,559Not available

Purchase Price Calculator

Maximum purchase price
$367,536

Cost breakdown

+Likely effective rent$2,890
HUD FMR$2,630
Market rent$3,910
Est. payment standard (110%)Used$2,890
-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
0.67
1 BR
0.82
2 BR
0.67
3 BR
0.70
4 BR
0.59
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07041 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07041 (Millburn, NJ) is $2,630 a month. That is down 1.9% from $2,680 in FY 2026. Millburn 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, 07041 has the 15th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07041 is 18% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07041
BedroomsFY 2027Change90–110% range
Studio$1,930−1.5%$1,737–$2,123
1BR$2,180−1.8%$1,962–$2,398
2BR$2,630−1.9%$2,367–$2,893
3BR$3,280−2.4%$2,952–$3,608
4BR$3,750−1.6%$3,375–$4,125

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07041
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,930$2,180$2,630$3,280$3,750
FY 2026$1,960$2,220$2,680$3,360$3,810
FY 2025$1,900$2,170$2,620$3,300$3,750
FY 2024$1,710$1,970$2,380$3,010$3,480
FY 2023$1,430$1,690$2,030$2,580$3,030

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07041
07019$2,110−19.8%
07021$2,860+8.7%
07028$3,220+22.4%
07039$3,350+27.4%
07040$2,870+9.1%
07041Current$2,630—
07042$2,940+11.8%
07043$3,190+21.3%
07044$2,870+9.1%
07050$2,310−12.2%
07051$2,110−19.8%
07052$2,520−4.2%

Questions about ZIP 07041 rents

How much will Section 8 pay for a two-bedroom in ZIP 07041?

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 $2,630 it would be $2,367 to $2,893. 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 07041 in?

ZIP 07041 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 07041 for FY 2027?

The two-bedroom FMR fell 1.9%, from $2,680 in FY 2026 to $2,630 in FY 2027. Since FY 2023 it has risen 29.6%.

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