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Union County/New Providence/07974

07974

ZIPSAFMR
Union County, NJ
Zillow

ZIP Investment Score

41Below average

095130300
BRFMR
Eff. Rent
0 BR$1,920$2,110
1 BR$2,170$2,390
2 BR$2,620$2,880
3 BR$3,270$3,600
4 BR$3,740$4,110
5 BR$4,301Not available
6 BR$4,946Not available
7 BR$5,688Not available
8 BR$6,541Not available

Purchase Price Calculator

Maximum purchase price
$366,050

Cost breakdown

+Likely effective rent$2,880
HUD FMR$2,620
Market rent$3,140
Est. payment standard (110%)Used$2,880
-Principal and interest-$1,851
Loan amount$292,840
Down payment$73,210
Rate6.50%
Term30 years
-Operating costs-$829
Property taxes-$366
Insurance-$175
Utilities$0
HOA$0
Management-$288
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$45,838(62.6% ROI)
Projected value
$394,196
Return breakdown
Property appreciation+$28,146
Loan principal paid down+$10,492
Rental cash flow+$7,200
5-year hold
+$78,812(107.7% ROI)
Projected value
$414,152
Return breakdown
Property appreciation+$48,102
Loan principal paid down+$18,710
Rental cash flow+$12,000
10-year hold
+$171,107(233.7% ROI)
Projected value
$468,575
Return breakdown
Property appreciation+$102,525
Loan principal paid down+$44,582
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.50
1 BR
0.79
2 BR
0.83
3 BR
0.69
4 BR
0.68
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07974 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07974 (New Providence, NJ) is $2,620 a month. That is down 3.3% from $2,710 in FY 2026. New Providence 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, 07974 has the 17th-highest two-bedroom rent (county range $1,990–$3,350). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07974 is 17% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07974
BedroomsFY 2027Change90–110% range
Studio$1,920−3.0%$1,728–$2,112
1BR$2,170−3.1%$1,953–$2,387
2BR$2,620−3.3%$2,358–$2,882
3BR$3,270−3.5%$2,943–$3,597
4BR$3,740−3.1%$3,366–$4,114

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07974
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,920$2,170$2,620$3,270$3,740
FY 2026$1,980$2,240$2,710$3,390$3,860
FY 2025$1,980$2,260$2,730$3,440$3,910
FY 2024$1,800$2,070$2,500$3,160$3,650
FY 2023$1,480$1,750$2,100$2,660$3,130

Two-bedroom rent in nearby Union County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07974
07202$2,180−16.8%
07203$2,060−21.4%
07204$2,100−19.8%
07205$2,290−12.6%
07206$2,120−19.1%
07207$2,300−12.2%
07208$2,130−18.7%
07901$3,030+15.6%
07902$2,300−12.2%
07922$2,960+13.0%
07928$3,250+24.0%
07974Current$2,620—

Questions about ZIP 07974 rents

How much will Section 8 pay for a two-bedroom in ZIP 07974?

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 $2,620 it would be $2,358 to $2,882. 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 07974 in?

ZIP 07974 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 07974 for FY 2027?

The two-bedroom FMR fell 3.3%, from $2,710 in FY 2026 to $2,620 in FY 2027. Since FY 2023 it has risen 24.8%.

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