Morris County/Whippany/07981

07981

ZIPSAFMR

Morris County, NJ

View on ZillowZillow

ZIP Investment Score

49Below average

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$2,460	$2,710	5.9%
1 BR	$2,780	$2,570	5.3%
2 BR	$3,350	$3,210	5.3%
3 BR	$4,180	$3,490	4.8%
4 BR	$4,780	$4,480	4.5%
5 BR	$5,497	Not available	4.5%
6 BR	$6,322	Not available	4.5%
7 BR	$7,270	Not available	4.5%
8 BR	$8,360	Not available	4.5%

Purchase Price Calculator

Maximum purchase price

$415,088

Cost breakdown

+Likely effective rent$3,210

HUD FMR$3,350

Market rentUsed$3,210

Est. payment standard (97%)$3,260

-Principal and interest-$2,099

Loan amount$332,071

Down payment$83,018

Rate6.50%

Term30 years

-Operating costs-$911

Property taxes-$415

Insurance-$175

Utilities$0

HOA$0

Management-$321

=Target cash flow+$200

Calculation mode

BedroomsCash-flow target

Down payment methodDown payment %

HOA / mo

Utilities methodUtilities amount

Management methodManagement % of rent

Hold period projections

Annual appreciation rate

3-year hold

+$51,014(61.4% ROI)

Projected value

$447,005

Return breakdown

Property appreciation+$31,916

Loan principal paid down+$11,897

Rental cash flow+$7,200

5-year hold

+$87,762(105.7% ROI)

Projected value

$469,634

Return breakdown

Property appreciation+$54,546

Loan principal paid down+$21,216

Rental cash flow+$12,000

10-year hold

+$190,814(229.8% ROI)

Projected value

$531,348

Return breakdown

Property appreciation+$116,260

Loan principal paid down+$50,554

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.81ratio

FMR$2,460

Market$3,030

vs market-$570

FMR is below market; voucher rent may lag private rents.

0.81

1 BR

1.08ratio

FMR$2,780

Market$2,570

vs market+$210

FMR is near market; voucher and private rents are aligned.

1.08

2 BR

1.04ratio

FMR$3,350

Market$3,210

vs market+$140

FMR is near market; voucher and private rents are aligned.

1.04

3 BR

1.20ratio

FMR$4,180

Market$3,490

vs market+$690

FMR is above market; underwrite to market rent.

1.20

4 BR

1.07ratio

FMR$4,780

Market$4,480

vs market+$300

FMR is near market; voucher and private rents are aligned.

1.07

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 07981 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 07981 (Whippany, NJ) is $3,350 a month. That is up 1.2% from $3,310 in FY 2026. Whippany 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, 07981 is tied for the 2nd-highest two-bedroom rent (county range $1,990–$3,390). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 07981 is 50% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 07981
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$2,420	$2,460	+1.7%	$2,214–$2,706
1BR	$2,740	$2,780	+1.5%	$2,502–$3,058
2BR	$3,310	$3,350	+1.2%	$3,015–$3,685
3BR	$4,140	$4,180	+1.0%	$3,762–$4,598
4BR	$4,710	$4,780	+1.5%	$4,302–$5,258

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 07981
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$2,460	$2,780	$3,350	$4,180	$4,780
FY 2026	$2,420	$2,740	$3,310	$4,140	$4,710
FY 2025	$2,330	$2,650	$3,210	$4,040	$4,600
FY 2024	$2,070	$2,380	$2,870	$3,630	$4,190
FY 2023	$1,620	$1,920	$2,310	$2,930	$3,440

Two-bedroom rent in nearby Morris County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 07981
07940	$3,040	−9.3%
07945	$2,980	−11.0%
07946	$2,940	−12.2%
07950	$3,350	0.0%
07960	$3,340	−0.3%
07961	$3,240	−3.3%
07962	$2,550	−23.9%
07963	$2,550	−23.9%
07970	$2,910	−13.1%
07976	$2,550	−23.9%
07980	$2,160	−35.5%
07981Current	$3,350	—

Questions about ZIP 07981 rents

How much will Section 8 pay for a two-bedroom in ZIP 07981?

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 $3,350 it would be $3,015 to $3,685. 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 07981 in?

ZIP 07981 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 07981 for FY 2027?

The two-bedroom FMR rose 1.2%, from $3,310 in FY 2026 to $3,350 in FY 2027. Since FY 2023 it has risen 45.0%.

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 rent Whippany, NJ fair market rent NJ statewide rents What is SAFMR?Data sources