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Somerset County/Peapack/07977

07977

ZIPSAFMR
Somerset County, NJ
Zillow

ZIP Investment Score

53Below average

095130300
BRFMR
Eff. Rent
0 BR$2,050$2,260
1 BR$2,200$2,420
2 BR$2,750$3,030
3 BR$3,280$3,600
4 BR$3,680$4,050
5 BR$4,232Not available
6 BR$4,867Not available
7 BR$5,597Not available
8 BR$6,436Not available

Purchase Price Calculator

Maximum purchase price
$388,340

Cost breakdown

+Likely effective rent$3,030
HUD FMR$2,750
Market rent$3,180
Est. payment standard (110%)Used$3,030
-Principal and interest-$1,964
Loan amount$310,672
Down payment$77,668
Rate6.50%
Term30 years
-Operating costs-$866
Property taxes-$388
Insurance-$175
Utilities$0
HOA$0
Management-$303
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$48,190(62.0% ROI)
Projected value
$418,200
Return breakdown
Property appreciation+$29,860
Loan principal paid down+$11,131
Rental cash flow+$7,200
5-year hold
+$82,880(106.7% ROI)
Projected value
$439,371
Return breakdown
Property appreciation+$51,031
Loan principal paid down+$19,849
Rental cash flow+$12,000
10-year hold
+$180,064(231.8% ROI)
Projected value
$497,108
Return breakdown
Property appreciation+$108,768
Loan principal paid down+$47,296
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.50
1 BR
0.76
2 BR
0.86
3 BR
0.87
4 BR
0.73
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 07977 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07977 (Peapack, NJ) is $2,750 a month. That is up 8.7% from $2,530 in FY 2026. Peapack is in the Middlesex-Somerset-Hunterdon, 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 $2,623. Among 41 ZIP codes in Somerset County, 07977 is tied for the 21st-highest two-bedroom rent (county range $2,290–$3,400). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07977 is 23% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07977
BedroomsFY 2027Change90–110% range
Studio$2,050+11.4%$1,845–$2,255
1BR$2,200+9.5%$1,980–$2,420
2BR$2,750+8.7%$2,475–$3,025
3BR$3,280+8.3%$2,952–$3,608
4BR$3,680+9.9%$3,312–$4,048

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07977
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$2,050$2,200$2,750$3,280$3,680
FY 2026$1,840$2,010$2,530$3,030$3,350
FY 2025$1,610$1,810$2,270$2,740$3,010
FY 2024$1,640$1,840$2,320$2,810$3,090
FY 2023$1,300$1,470$1,860$2,260$2,500

Two-bedroom rent in nearby Somerset County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 07977
07920$3,390+23.3%
07921$3,110+13.1%
07922$2,960+7.6%
07924$3,110+13.1%
07931$2,980+8.4%
07934$2,7500.0%
07938$2,7500.0%
07939$3,390+23.3%
07977Current$2,750—
07978$2,7500.0%
08502$3,370+22.5%
08504$2,7500.0%

Questions about ZIP 07977 rents

How much will Section 8 pay for a two-bedroom in ZIP 07977?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,623, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,361 to $2,885 a month; under the ZIP-level Small Area FMR of $2,750 it would be $2,475 to $3,025. 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 07977 in?

ZIP 07977 is in the Middlesex-Somerset-Hunterdon, NJ HUD Metro FMR Area. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,623.

How much did fair market rent change in ZIP 07977 for FY 2027?

The two-bedroom FMR rose 8.7%, from $2,530 in FY 2026 to $2,750 in FY 2027. Since FY 2023 it has risen 47.8%.

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