08347

ZIPSAFMR

Salem County, NJ

ZIP Investment Score

095130300

BR	FMR	Eff. Rent	3Y CAGR
0 BR	$1,270	$1,360	2.2%
1 BR	$1,370	$1,420	1.2%
2 BR	$1,640	$1,800	1.3%
3 BR	$1,950	$2,150	0.7%
4 BR	$2,160	$2,380	-0.6%
5 BR	$2,484	Not available	-0.6%
6 BR	$2,857	Not available	-0.6%
7 BR	$3,285	Not available	-0.6%
8 BR	$3,778	Not available	-0.6%

Purchase Price Calculator

Maximum purchase price

$205,563

Cost breakdown

+Likely effective rent$1,800

HUD FMR$1,640

Market rent$2,130

Est. payment standard (110%)Used$1,800

-Principal and interest-$1,039

Loan amount$164,450

Down payment$41,113

Rate6.50%

Term30 years

-Operating costs-$561

Property taxes-$206

Insurance-$175

Utilities$0

HOA$0

Management-$180

=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

+$28,898(70.3% ROI)

Projected value

$221,369

Return breakdown

Property appreciation+$15,806

Loan principal paid down+$5,892

Rental cash flow+$7,200

5-year hold

+$49,519(120.4% ROI)

Projected value

$232,575

Return breakdown

Property appreciation+$27,013

Loan principal paid down+$10,507

Rental cash flow+$12,000

10-year hold

+$106,611(259.3% ROI)

Projected value

$263,138

Return breakdown

Property appreciation+$57,575

Loan principal paid down+$25,036

Rental cash flow+$24,000

Public Housing Authority

Rolodex

Market Alignment

Studio

0.90ratio

FMR$1,270

Market$1,410

vs market-$140

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

0.90

1 BR

0.94ratio

FMR$1,370

Market$1,450

vs market-$80

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

0.94

2 BR

0.77ratio

FMR$1,640

Market$2,130

vs market-$490

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

0.77

3 BR

0.79ratio

FMR$1,950

Market$2,460

vs market-$510

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

0.79

4 BR

0.84ratio

FMR$2,160

Market$2,580

vs market-$420

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

0.84

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 08347 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 08347 (Norma, NJ) is $1,640 a month. That is up 2.5% from $1,600 in FY 2026. Norma is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA, where HUD requires housing authorities to set voucher payment standards by ZIP code using Small Area FMRs. Among 15 ZIP codes in Salem County, 08347 has the 10th-highest two-bedroom rent (county range $1,460–$2,440). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 08347 is 27% below it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 08347
Bedrooms	FY 2026	FY 2027	Change	90–110% range
Studio	$1,230	$1,270	+3.3%	$1,143–$1,397
1BR	$1,340	$1,370	+2.2%	$1,233–$1,507
2BR	$1,600	$1,640	+2.5%	$1,476–$1,804
3BR	$1,920	$1,950	+1.6%	$1,755–$2,145
4BR	$2,140	$2,160	+0.9%	$1,944–$2,376

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 08347
Fiscal year	Studio	1BR	2BR	3BR	4BR
FY 2027	$1,270	$1,370	$1,640	$1,950	$2,160
FY 2026	$1,230	$1,340	$1,600	$1,920	$2,140
FY 2025	$1,230	$1,350	$1,610	$1,940	$2,210
FY 2024	$1,190	$1,320	$1,580	$1,910	$2,200
FY 2023	$1,000	$1,130	$1,360	$1,660	$1,920

Two-bedroom rent in nearby Salem County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code	2 bedroom	vs. 08347
08067	$2,290	+39.6%
08069	$1,720	+4.9%
08070	$1,630	−0.6%
08072	$1,460	−11.0%
08079	$1,460	−11.0%
08085	$2,360	+43.9%
08098	$1,600	−2.4%
08302	$1,750	+6.7%
08318	$1,940	+18.3%
08343	$2,030	+23.8%
08344	$1,870	+14.0%
08347Current	$1,640	—

Questions about ZIP 08347 rents

How much will Section 8 pay for a two-bedroom in ZIP 08347?

Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With a two-bedroom FMR of $1,640, that basic range is $1,476 to $1,804 a month. 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 08347 in?

ZIP 08347 is in the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA. HUD requires Small Area FMRs in this area, so payment standards are set by ZIP code.

How much did fair market rent change in ZIP 08347 for FY 2027?

The two-bedroom FMR rose 2.5%, from $1,600 in FY 2026 to $1,640 in FY 2027. Since FY 2023 it has risen 20.6%.

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