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Essex County/Newark/07175

07175

ZIPFMR
Essex County, NJ
Zillow
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ZIP Investment Score

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095130300
BRFMR
Eff. Rent
0 BR$1,637$1,780
1 BR$1,850$2,040
2 BR$2,233$2,460
3 BR$2,785$3,060
4 BR$3,188$3,510
5 BR$3,666Not available
6 BR$4,216Not available
7 BR$4,849Not available
8 BR$5,576Not available

Purchase Price Calculator

Maximum purchase price
$303,639

Cost breakdown

+Likely effective rent$2,460
HUD FMR$2,233
Market rent$3,050
Est. payment standard (110%)Used$2,460
-Principal and interest-$1,535
Loan amount$242,911
Down payment$60,728
Rate6.50%
Term30 years
-Operating costs-$725
Property taxes-$304
Insurance-$175
Utilities$0
HOA$0
Management-$246
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$39,250(64.6% ROI)
Projected value
$326,985
Return breakdown
Property appreciation+$23,347
Loan principal paid down+$8,703
Rental cash flow+$7,200
5-year hold
+$67,420(111.0% ROI)
Projected value
$343,539
Return breakdown
Property appreciation+$39,901
Loan principal paid down+$15,520
Rental cash flow+$12,000
10-year hold
+$146,025(240.5% ROI)
Projected value
$388,683
Return breakdown
Property appreciation+$85,044
Loan principal paid down+$36,980
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.88
1 BR
0.81
2 BR
0.73
3 BR
0.76
4 BR
0.80
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
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Tax rate
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Mortgage rate
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ZIP 07175 fair market rent, FY 2027

For FY 2027, HUD's Fair Market Rent for a two-bedroom unit in ZIP 07175 (Newark, NJ) is $2,233 a month. That is up 1.3% from $2,205 in FY 2026. Newark is in the Newark, NJ HUD Metro FMR Area.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07175
BedroomsFY 2027Change90–110% range
Studio$1,637+1.6%$1,473–$1,801
1BR$1,850+1.5%$1,665–$2,035
2BR$2,233+1.3%$2,010–$2,456
3BR$2,785+0.9%$2,507–$3,064
4BR$3,188+1.6%$2,869–$3,507

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07175
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,637$1,850$2,233$2,785$3,188
FY 2026$1,612$1,822$2,205$2,761$3,137
FY 2025$1,551$1,768$2,140$2,695$3,065
FY 2024$1,379$1,590$1,916$2,424$2,800
FY 2023$1,129$1,338$1,606$2,038$2,394

Questions about ZIP 07175 rents

How much will Section 8 pay for a two-bedroom in ZIP 07175?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,233, that basic range is $2,010 to $2,456 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 07175 in?

ZIP 07175 is in the Newark, NJ HUD Metro FMR Area. Small Area FMRs are not mandatory in this area.

How much did fair market rent change in ZIP 07175 for FY 2027?

The two-bedroom FMR rose 1.3%, from $2,205 in FY 2026 to $2,233 in FY 2027. Since FY 2023 it has risen 39.0%.

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 Fair Market Rents. 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