FMR is below market; voucher rent may lag private rents.
0.60
1 BR
1 BR
0.96ratio
FMR$1,800
Market$1,870
vs market-$70
FMR is near market; voucher and private rents are aligned.
0.96
2 BR
2 BR
0.83ratio
FMR$2,200
Market$2,640
vs market-$440
FMR is below market; voucher rent may lag private rents.
0.83
3 BR
3 BR
0.81ratio
FMR$2,730
Market$3,370
vs market-$640
FMR is below market; voucher rent may lag private rents.
0.81
4 BR
4 BR
0.85ratio
FMR$3,160
Market$3,720
vs market-$560
FMR is below market; voucher rent may lag private rents.
0.85
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
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ZIP 07870 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07870 (Schooleys Mountain, NJ) is $2,200 a month. That is down 0.5% from $2,210 in FY 2026. Schooleys Mountain 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 65 ZIP codes in Morris County, 07870 has the 59th-highest two-bedroom rent (county range $1,990–$3,390). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07870 is 1% below it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 07870
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,660
$1,660
0.0%
$1,494–$1,826
1BR
$1,810
$1,800
−0.6%
$1,620–$1,980
2BR
$2,210
$2,200
−0.5%
$1,980–$2,420
3BR
$2,770
$2,730
−1.4%
$2,457–$3,003
4BR
$3,180
$3,160
−0.6%
$2,844–$3,476
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 07870
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$1,660
$1,800
$2,200
$2,730
$3,160
FY 2026
$1,660
$1,810
$2,210
$2,770
$3,180
FY 2025
$1,470
$1,520
$1,840
$2,350
$2,730
FY 2024
$1,260
$1,400
$1,690
$2,120
$2,470
FY 2023
$1,350
$1,550
$1,870
$2,350
$2,730
Two-bedroom rent in nearby Morris County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 07870?
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 $2,200 it would be $1,980 to $2,420. 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 07870 in?
ZIP 07870 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 07870 for FY 2027?
The two-bedroom FMR fell 0.5%, from $2,210 in FY 2026 to $2,200 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