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Somerset County/Watchung/07069

07069

ZIPSAFMR
Somerset County, NJ
Zillow

ZIP Investment Score

40Below average

095130300
BRFMR
Eff. Rent
0 BR$2,530$1,730
1 BR$2,730$2,260
2 BR$3,400$2,970
3 BR$4,050$3,350
4 BR$4,550$4,600
5 BR$5,233Not available
6 BR$6,017Not available
7 BR$6,920Not available
8 BR$7,958Not available

Purchase Price Calculator

Maximum purchase price
$379,424

Cost breakdown

+Likely effective rent$2,970
HUD FMR$3,400
Market rentUsed$2,970
Est. payment standard (92%)$3,120
-Principal and interest-$1,919
Loan amount$303,539
Down payment$75,885
Rate6.50%
Term30 years
-Operating costs-$851
Property taxes-$379
Insurance-$175
Utilities$0
HOA$0
Management-$297
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$47,249(62.3% ROI)
Projected value
$408,598
Return breakdown
Property appreciation+$29,174
Loan principal paid down+$10,875
Rental cash flow+$7,200
5-year hold
+$81,253(107.1% ROI)
Projected value
$429,284
Return breakdown
Property appreciation+$49,859
Loan principal paid down+$19,393
Rental cash flow+$12,000
10-year hold
+$176,481(232.6% ROI)
Projected value
$485,695
Return breakdown
Property appreciation+$106,271
Loan principal paid down+$46,210
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
1.46
1 BR
1.21
2 BR
1.14
3 BR
1.21
4 BR
0.98
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07069 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07069 (Watchung, NJ) is $3,400 a month. That is up 1.8% from $3,340 in FY 2026. Watchung 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, 07069 has the highest two-bedroom rent (county range $2,290–$3,400). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07069 is 52% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07069
BedroomsFY 2027Change90–110% range
Studio$2,530+4.5%$2,277–$2,783
1BR$2,730+2.6%$2,457–$3,003
2BR$3,400+1.8%$3,060–$3,740
3BR$4,050+1.3%$3,645–$4,455
4BR$4,550+2.7%$4,095–$5,005

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07069
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,530$2,730$3,400$4,050$4,550
FY 2026$2,420$2,660$3,340$4,000$4,430
FY 2025$2,120$2,390$3,000$3,620$3,980
FY 2024$2,310$2,600$3,270$3,960$4,350
FY 2023$1,850$2,090$2,650$3,230$3,560

Two-bedroom rent in nearby Somerset County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07069
07059$2,930−13.8%
07060$2,360−30.6%
07062$2,470−27.4%
07063$2,430−28.5%
07069Current$3,400—
07076$2,580−24.1%
07920$3,390−0.3%
07921$3,110−8.5%
07922$2,960−12.9%
07924$3,110−8.5%
07931$2,980−12.4%
07934$2,750−19.1%

Questions about ZIP 07069 rents

How much will Section 8 pay for a two-bedroom in ZIP 07069?

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 $3,400 it would be $3,060 to $3,740. 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 07069 in?

ZIP 07069 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 07069 for FY 2027?

The two-bedroom FMR rose 1.8%, from $3,340 in FY 2026 to $3,400 in FY 2027. Since FY 2023 it has risen 28.3%.

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