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Union County/Springfield/07081

07081

ZIPSAFMR
Union County, NJ
Zillow

ZIP Investment Score

63Below average

095130300
BRFMR
Eff. Rent
0 BR$2,150$2,370
1 BR$2,430$2,470
2 BR$2,930$3,220
3 BR$3,650$3,960
4 BR$4,180$4,600
5 BR$4,807Not available
6 BR$5,528Not available
7 BR$6,357Not available
8 BR$7,311Not available

Purchase Price Calculator

Maximum purchase price
$416,574

Cost breakdown

+Likely effective rent$3,220
HUD FMR$2,930
Market rent$3,480
Est. payment standard (110%)Used$3,220
-Principal and interest-$2,106
Loan amount$333,259
Down payment$83,315
Rate6.50%
Term30 years
-Operating costs-$914
Property taxes-$417
Insurance-$175
Utilities$0
HOA$0
Management-$322
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$51,171(61.4% ROI)
Projected value
$448,605
Return breakdown
Property appreciation+$32,031
Loan principal paid down+$11,940
Rental cash flow+$7,200
5-year hold
+$88,033(105.7% ROI)
Projected value
$471,315
Return breakdown
Property appreciation+$54,741
Loan principal paid down+$21,292
Rental cash flow+$12,000
10-year hold
+$191,411(229.7% ROI)
Projected value
$533,250
Return breakdown
Property appreciation+$116,676
Loan principal paid down+$50,735
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.68
1 BR
0.98
2 BR
0.84
3 BR
0.88
4 BR
0.84
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07081 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07081 (Springfield, NJ) is $2,930 a month. That is up 0.3% from $2,920 in FY 2026. Springfield 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 40 ZIP codes in Union County, 07081 has the 8th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07081 is 31% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07081
BedroomsFY 2027Change90–110% range
Studio$2,150+0.5%$1,935–$2,365
1BR$2,430+0.8%$2,187–$2,673
2BR$2,930+0.3%$2,637–$3,223
3BR$3,650−0.3%$3,285–$4,015
4BR$4,180+0.7%$3,762–$4,598

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07081
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,150$2,430$2,930$3,650$4,180
FY 2026$2,140$2,410$2,920$3,660$4,150
FY 2025$2,090$2,380$2,880$3,630$4,120
FY 2024$1,890$2,180$2,630$3,330$3,840
FY 2023$1,570$1,870$2,240$2,840$3,340

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07081
07065$2,460−16.0%
07066$2,370−19.1%
07067$2,800−4.4%
07076$2,580−11.9%
07078$3,350+14.3%
07080$2,760−5.8%
07081Current$2,930—
07083$2,730−6.8%
07088$2,790−4.8%
07090$3,060+4.4%
07091$2,300−21.5%
07092$2,960+1.0%

Questions about ZIP 07081 rents

How much will Section 8 pay for a two-bedroom in ZIP 07081?

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 $2,930 it would be $2,637 to $3,223. 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 07081 in?

ZIP 07081 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 07081 for FY 2027?

The two-bedroom FMR rose 0.3%, from $2,920 in FY 2026 to $2,930 in FY 2027. Since FY 2023 it has risen 30.8%.

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