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Somerset County/Plainfield/07062

07062

ZIPSAFMR
Somerset County, NJ
Zillow

ZIP Investment Score

65Below average

095130300
BRFMR
Eff. Rent
0 BR$1,810$1,820
1 BR$2,040$2,220
2 BR$2,470$2,700
3 BR$3,070$3,260
4 BR$3,510$3,690
5 BR$4,036Not available
6 BR$4,642Not available
7 BR$5,338Not available
8 BR$6,139Not available

Purchase Price Calculator

Maximum purchase price
$339,302

Cost breakdown

+Likely effective rent$2,700
HUD FMR$2,470
Market rent$2,830
Est. payment standard (109%)Used$2,700
-Principal and interest-$1,716
Loan amount$271,442
Down payment$67,860
Rate6.50%
Term30 years
-Operating costs-$784
Property taxes-$339
Insurance-$175
Utilities$0
HOA$0
Management-$270
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$43,014(63.4% ROI)
Projected value
$365,392
Return breakdown
Property appreciation+$26,089
Loan principal paid down+$9,725
Rental cash flow+$7,200
5-year hold
+$73,930(108.9% ROI)
Projected value
$383,890
Return breakdown
Property appreciation+$44,587
Loan principal paid down+$17,342
Rental cash flow+$12,000
10-year hold
+$160,357(236.3% ROI)
Projected value
$434,336
Return breakdown
Property appreciation+$95,033
Loan principal paid down+$41,324
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.99
1 BR
0.88
2 BR
0.87
3 BR
0.91
4 BR
0.93
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07062 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07062 (Plainfield, NJ) is $2,470 a month. That is up 5.6% from $2,340 in FY 2026. Plainfield is in the Middlesex-Somerset-Hunterdon, 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 $2,623. Among 41 ZIP codes in Somerset County, 07062 has the 35th-highest two-bedroom rent (county range $2,290–$3,400). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07062 is 11% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07062
BedroomsFY 2027Change90–110% range
Studio$1,810+5.8%$1,629–$1,991
1BR$2,040+5.7%$1,836–$2,244
2BR$2,470+5.6%$2,223–$2,717
3BR$3,070+5.1%$2,763–$3,377
4BR$3,510+6.0%$3,159–$3,861

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07062
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,810$2,040$2,470$3,070$3,510
FY 2026$1,710$1,930$2,340$2,920$3,310
FY 2025$1,570$1,790$2,170$2,720$3,090
FY 2024$1,370$1,580$1,900$2,400$2,770
FY 2023$1,150$1,330$1,670$2,060$2,380

Two-bedroom rent in nearby Somerset County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07062
07059$2,930+18.6%
07060$2,360−4.5%
07062Current$2,470—
07063$2,430−1.6%
07069$3,400+37.7%
07076$2,580+4.5%
07920$3,390+37.2%
07921$3,110+25.9%
07922$2,960+19.8%
07924$3,110+25.9%
07931$2,980+20.6%
07934$2,750+11.3%

Questions about ZIP 07062 rents

How much will Section 8 pay for a two-bedroom in ZIP 07062?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,623, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,361 to $2,885 a month; under the ZIP-level Small Area FMR of $2,470 it would be $2,223 to $2,717. 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 07062 in?

ZIP 07062 is in the Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,623.

How much did fair market rent change in ZIP 07062 for FY 2027?

The two-bedroom FMR rose 5.6%, from $2,340 in FY 2026 to $2,470 in FY 2027. Since FY 2023 it has risen 47.9%.

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