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Morris County/Oak Ridge/07438

07438

ZIPSAFMR
Morris County, NJ
Zillow

ZIP Investment Score

51Below average

095130300
BRFMR
Eff. Rent
0 BR$1,630$1,790
1 BR$1,840$1,880
2 BR$2,210$2,430
3 BR$2,750$2,900
4 BR$3,180$3,220
5 BR$3,657Not available
6 BR$4,206Not available
7 BR$4,836Not available
8 BR$5,562Not available

Purchase Price Calculator

Maximum purchase price
$299,181

Cost breakdown

+Likely effective rent$2,430
HUD FMR$2,210
Market rent$2,640
Est. payment standard (110%)Used$2,430
-Principal and interest-$1,513
Loan amount$239,344
Down payment$59,836
Rate6.50%
Term30 years
-Operating costs-$717
Property taxes-$299
Insurance-$175
Utilities$0
HOA$0
Management-$243
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$38,779(64.8% ROI)
Projected value
$322,185
Return breakdown
Property appreciation+$23,004
Loan principal paid down+$8,575
Rental cash flow+$7,200
5-year hold
+$66,607(111.3% ROI)
Projected value
$338,495
Return breakdown
Property appreciation+$39,315
Loan principal paid down+$15,292
Rental cash flow+$12,000
10-year hold
+$144,233(241.0% ROI)
Projected value
$382,976
Return breakdown
Property appreciation+$83,796
Loan principal paid down+$36,437
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.71
1 BR
0.97
2 BR
0.84
3 BR
0.92
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 07438 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07438 (Oak Ridge, NJ) is $2,210 a month. That is down 3.5% from $2,290 in FY 2026. Oak Ridge is in the Newark, NJ HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 65 ZIP codes in Morris County, 07438 is tied for the 57th-highest two-bedroom rent (county range $1,990–$3,390). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07438 is 1% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07438
BedroomsFY 2027Change90–110% range
Studio$1,630−3.0%$1,467–$1,793
1BR$1,840−3.2%$1,656–$2,024
2BR$2,210−3.5%$1,989–$2,431
3BR$2,750−3.5%$2,475–$3,025
4BR$3,180−3.0%$2,862–$3,498

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07438
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,630$1,840$2,210$2,750$3,180
FY 2026$1,680$1,900$2,290$2,850$3,280
FY 2025$1,710$1,960$2,350$2,960$3,400
FY 2024$1,570$1,810$2,170$2,740$3,190
FY 2023$1,330$1,570$1,880$2,380$2,820

Two-bedroom rent in nearby Morris County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07438
07082$2,670+20.8%
07405$2,230+0.9%
07435$2,180−1.4%
07438Current$2,210—
07440$2,640+19.5%
07444$2,860+29.4%
07457$3,280+48.4%
07460$2,900+31.2%
07801$2,430+10.0%
07802$2,550+15.4%
07803$2,460+11.3%
07806$2,550+15.4%

Questions about ZIP 07438 rents

How much will Section 8 pay for a two-bedroom in ZIP 07438?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,210, that basic range is $1,989 to $2,431 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 07438 in?

ZIP 07438 is in the Newark, NJ HUD Metro FMR Area. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 07438 for FY 2027?

The two-bedroom FMR fell 3.5%, from $2,290 in FY 2026 to $2,210 in FY 2027. Since FY 2023 it has risen 17.6%.

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