FMR is below market; voucher rent may lag private rents.
0.75
1 BR
1 BR
0.78ratio
FMR$1,400
Market$1,800
vs market-$400
FMR is below market; voucher rent may lag private rents.
0.78
2 BR
2 BR
0.74ratio
FMR$1,610
Market$2,190
vs market-$580
FMR is below market; voucher rent may lag private rents.
0.74
3 BR
3 BR
0.76ratio
FMR$1,960
Market$2,570
vs market-$610
FMR is below market; voucher rent may lag private rents.
0.76
4 BR
4 BR
0.88ratio
FMR$2,470
Market$2,820
vs market-$350
FMR is below market; voucher rent may lag private rents.
0.88
0.700.800.901.001.101.201.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--
ZIP 07505 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07505 (Paterson, NJ) is $1,610 a month. That is down 0.6% from $1,620 in FY 2026. Paterson is in the Bergen-Passaic, NJ HUD Metro FMR Area, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 43 ZIP codes in Passaic County, 07505 has the 43rd-highest two-bedroom rent (county range $1,610–$3,190). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07505 is 28% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 07505
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,240
$1,250
+0.8%
$1,125–$1,375
1BR
$1,410
$1,400
−0.7%
$1,260–$1,540
2BR
$1,620
$1,610
−0.6%
$1,449–$1,771
3BR
$1,980
$1,960
−1.0%
$1,764–$2,156
4BR
$2,520
$2,470
−2.0%
$2,223–$2,717
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 07505
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,250
$1,400
$1,610
$1,960
$2,470
FY 2026
$1,240
$1,410
$1,620
$1,980
$2,520
FY 2025
$1,080
$1,260
$1,440
$1,770
$2,240
FY 2024
$980
$1,160
$1,330
$1,650
$2,070
FY 2023
$960
$1,150
$1,330
$1,650
$2,080
Two-bedroom rent in nearby Passaic County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 07505?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,610, that basic range is $1,449 to $1,771 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 07505 in?
ZIP 07505 is in the Bergen-Passaic, 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 07505 for FY 2027?
The two-bedroom FMR fell 0.6%, from $1,620 in FY 2026 to $1,610 in FY 2027. Since FY 2023 it has risen 21.1%.
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