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Passaic County/Montclair/07043

07043

ZIPSAFMR
Passaic County, NJ
Zillow

ZIP Investment Score

37Below average

095130300
BRFMR
Eff. Rent
0 BR$2,340$1,920
1 BR$2,640$2,440
2 BR$3,190$3,400
3 BR$3,970$3,950
4 BR$4,560$5,020
5 BR$5,244Not available
6 BR$6,031Not available
7 BR$6,935Not available
8 BR$7,975Not available

Purchase Price Calculator

Maximum purchase price
$443,322

Cost breakdown

+Likely effective rent$3,400
HUD FMR$3,190
Market rent$3,520
Est. payment standard (107%)Used$3,400
-Principal and interest-$2,242
Loan amount$354,658
Down payment$88,664
Rate6.50%
Term30 years
-Operating costs-$958
Property taxes-$443
Insurance-$175
Utilities$0
HOA$0
Management-$340
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$53,994(60.9% ROI)
Projected value
$477,409
Return breakdown
Property appreciation+$34,087
Loan principal paid down+$12,707
Rental cash flow+$7,200
5-year hold
+$92,915(104.8% ROI)
Projected value
$501,578
Return breakdown
Property appreciation+$58,256
Loan principal paid down+$22,659
Rental cash flow+$12,000
10-year hold
+$202,160(228.0% ROI)
Projected value
$567,490
Return breakdown
Property appreciation+$124,168
Loan principal paid down+$53,993
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.22
1 BR
1.08
2 BR
0.91
3 BR
1.01
4 BR
0.70
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07043 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07043 (Montclair, NJ) is $3,190 a month. That is down 3.6% from $3,310 in FY 2026. Montclair is in the Bergen-Passaic, NJ HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 43 ZIP codes in Passaic County, 07043 has the highest two-bedroom rent (county range $1,610–$3,190). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07043 is 43% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07043
BedroomsFY 2027Change90–110% range
Studio$2,340−3.3%$2,106–$2,574
1BR$2,640−3.6%$2,376–$2,904
2BR$3,190−3.6%$2,871–$3,509
3BR$3,970−3.9%$3,573–$4,367
4BR$4,560−3.6%$4,104–$5,016

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07043
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,340$2,640$3,190$3,970$4,560
FY 2026$2,420$2,740$3,310$4,130$4,730
FY 2025$2,320$2,650$3,200$4,020$4,600
FY 2024$2,060$2,380$2,860$3,620$4,200
FY 2023$1,700$2,020$2,420$3,070$3,620

Two-bedroom rent in nearby Passaic County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07043
07006$2,650−16.9%
07009$2,520−21.0%
07011$2,240−29.8%
07012$2,210−30.7%
07013$2,310−27.6%
07014$2,770−13.2%
07015$2,080−34.8%
07026$2,140−32.9%
07043Current$3,190—
07055$1,920−39.8%
07070$2,390−25.1%
07110$2,310−27.6%

Questions about ZIP 07043 rents

How much will Section 8 pay for a two-bedroom in ZIP 07043?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $3,190, that basic range is $2,871 to $3,509 a month. 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 07043 in?

ZIP 07043 is in the Bergen-Passaic, NJ HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 07043 for FY 2027?

The two-bedroom FMR fell 3.6%, from $3,310 in FY 2026 to $3,190 in FY 2027. Since FY 2023 it has risen 31.8%.

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