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Essex County/Newark/07106

07106

ZIPSAFMR
Essex County, NJ
Zillow

ZIP Investment Score

50Below average

095130300
BRFMR
Eff. Rent
0 BR$1,460$1,610
1 BR$1,640$1,720
2 BR$1,990$2,020
3 BR$2,490$2,300
4 BR$2,830$2,640
5 BR$3,254Not available
6 BR$3,743Not available
7 BR$4,304Not available
8 BR$4,950Not available

Purchase Price Calculator

Maximum purchase price
$238,255

Cost breakdown

+Likely effective rent$2,020
HUD FMR$1,990
Market rent$2,030
Est. payment standard (101%)Used$2,020
-Principal and interest-$1,205
Loan amount$190,604
Down payment$47,651
Rate6.50%
Term30 years
-Operating costs-$615
Property taxes-$238
Insurance-$175
Utilities$0
HOA$0
Management-$202
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$32,348(67.9% ROI)
Projected value
$256,574
Return breakdown
Property appreciation+$18,320
Loan principal paid down+$6,829
Rental cash flow+$7,200
5-year hold
+$55,486(116.4% ROI)
Projected value
$269,563
Return breakdown
Property appreciation+$31,309
Loan principal paid down+$12,178
Rental cash flow+$12,000
10-year hold
+$119,749(251.3% ROI)
Projected value
$304,986
Return breakdown
Property appreciation+$66,731
Loan principal paid down+$29,017
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.71
1 BR
0.93
2 BR
0.98
3 BR
1.08
4 BR
1.07
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07106 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07106 (Newark, NJ) is $1,990 a month. That is up 3.1% from $1,930 in FY 2026. Newark 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, 07106 is tied for the 30th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07106 is 11% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07106
BedroomsFY 2027Change90–110% range
Studio$1,460+4.3%$1,314–$1,606
1BR$1,640+2.5%$1,476–$1,804
2BR$1,990+3.1%$1,791–$2,189
3BR$2,490+2.5%$2,241–$2,739
4BR$2,830+2.5%$2,547–$3,113

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07106
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,460$1,640$1,990$2,490$2,830
FY 2026$1,400$1,600$1,930$2,430$2,760
FY 2025$1,250$1,440$1,730$2,190$2,520
FY 2024$1,120$1,290$1,550$1,960$2,270
FY 2023$950$1,120$1,350$1,710$2,030

Two-bedroom rent in nearby Essex County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07106
07101$2,110+6.0%
07102$1,9900.0%
07103$1,9900.0%
07104$1,9900.0%
07105$2,020+1.5%
07106Current$1,990—
07107$1,9900.0%
07108$1,9900.0%
07109$2,300+15.6%
07110$2,310+16.1%
07111$2,040+2.5%
07112$1,9900.0%

Questions about ZIP 07106 rents

How much will Section 8 pay for a two-bedroom in ZIP 07106?

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 $1,990 it would be $1,791 to $2,189. 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 07106 in?

ZIP 07106 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 07106 for FY 2027?

The two-bedroom FMR rose 3.1%, from $1,930 in FY 2026 to $1,990 in FY 2027. Since FY 2023 it has risen 47.4%.

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