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Union County/Chatham/07928

07928

ZIPSAFMR
Union County, NJ
Zillow

ZIP Investment Score

44Below average

095130300
BRFMR
Eff. Rent
0 BR$2,380$2,620
1 BR$2,690$2,660
2 BR$3,250$3,580
3 BR$4,050$4,460
4 BR$4,640$5,100
5 BR$5,336Not available
6 BR$6,136Not available
7 BR$7,057Not available
8 BR$8,115Not available

Purchase Price Calculator

Maximum purchase price
$470,070

Cost breakdown

+Likely effective rent$3,580
HUD FMR$3,250
Market rent$3,760
Est. payment standard (110%)Used$3,580
-Principal and interest-$2,377
Loan amount$376,056
Down payment$94,014
Rate6.50%
Term30 years
-Operating costs-$1,003
Property taxes-$470
Insurance-$175
Utilities$0
HOA$0
Management-$358
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$56,817(60.4% ROI)
Projected value
$506,214
Return breakdown
Property appreciation+$36,144
Loan principal paid down+$13,473
Rental cash flow+$7,200
5-year hold
+$97,797(104.0% ROI)
Projected value
$531,841
Return breakdown
Property appreciation+$61,771
Loan principal paid down+$24,026
Rental cash flow+$12,000
10-year hold
+$212,910(226.5% ROI)
Projected value
$601,729
Return breakdown
Property appreciation+$131,659
Loan principal paid down+$57,250
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.77
1 BR
1.01
2 BR
0.86
3 BR
0.87
4 BR
0.81
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07928 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07928 (Chatham, NJ) is $3,250 a month. That is up 1.9% from $3,190 in FY 2026. Chatham 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 40 ZIP codes in Union County, 07928 has the 2nd-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07928 is 46% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07928
BedroomsFY 2027Change90–110% range
Studio$2,380+2.1%$2,142–$2,618
1BR$2,690+1.9%$2,421–$2,959
2BR$3,250+1.9%$2,925–$3,575
3BR$4,050+1.5%$3,645–$4,455
4BR$4,640+2.2%$4,176–$5,104

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07928
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,380$2,690$3,250$4,050$4,640
FY 2026$2,330$2,640$3,190$3,990$4,540
FY 2025$2,240$2,550$3,090$3,890$4,430
FY 2024$2,030$2,340$2,820$3,570$4,120
FY 2023$1,670$1,980$2,380$3,020$3,550

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07928
07202$2,180−32.9%
07203$2,060−36.6%
07204$2,100−35.4%
07205$2,290−29.5%
07206$2,120−34.8%
07207$2,300−29.2%
07208$2,130−34.5%
07901$3,030−6.8%
07902$2,300−29.2%
07922$2,960−8.9%
07928Current$3,250—
07974$2,620−19.4%

Questions about ZIP 07928 rents

How much will Section 8 pay for a two-bedroom in ZIP 07928?

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 $3,250 it would be $2,925 to $3,575. 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 07928 in?

ZIP 07928 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 07928 for FY 2027?

The two-bedroom FMR rose 1.9%, from $3,190 in FY 2026 to $3,250 in FY 2027. Since FY 2023 it has risen 36.6%.

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