FMR is below market; voucher rent may lag private rents.
0.79
1 BR
1 BR
1.15ratio
FMR$2,120
Market$1,850
vs market+$270
FMR is above market; underwrite to market rent.
1.15
2 BR
2 BR
0.81ratio
FMR$2,430
Market$2,990
vs market-$560
FMR is below market; voucher rent may lag private rents.
0.81
3 BR
3 BR
0.83ratio
FMR$2,950
Market$3,560
vs market-$610
FMR is below market; voucher rent may lag private rents.
0.83
4 BR
4 BR
0.96ratio
FMR$3,720
Market$3,890
vs market-$170
FMR is near market; voucher and private rents are aligned.
0.96
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 07608 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07608 (Teterboro, NJ) is $2,430 a month. That is down 1.6% from $2,470 in FY 2026. Teterboro 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 74 ZIP codes in Bergen County, 07608 has the 43rd-highest two-bedroom rent (county range $1,440–$3,420). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07608 is 9% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 07608
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,890
$1,890
0.0%
$1,701–$2,079
1BR
$2,150
$2,120
−1.4%
$1,908–$2,332
2BR
$2,470
$2,430
−1.6%
$2,187–$2,673
3BR
$3,010
$2,950
−2.0%
$2,655–$3,245
4BR
$3,850
$3,720
−3.4%
$3,348–$4,092
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 07608
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,890
$2,120
$2,430
$2,950
$3,720
FY 2026
$1,890
$2,150
$2,470
$3,010
$3,850
FY 2025
$1,700
$1,980
$2,270
$2,790
$3,530
FY 2024
$1,580
$1,850
$2,130
$2,640
$3,320
FY 2023
$1,510
$1,810
$2,100
$2,610
$3,280
Two-bedroom rent in nearby Bergen County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 07608?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $2,430, that basic range is $2,187 to $2,673 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 07608 in?
ZIP 07608 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 07608 for FY 2027?
The two-bedroom FMR fell 1.6%, from $2,470 in FY 2026 to $2,430 in FY 2027. Since FY 2023 it has risen 15.7%.
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