FMR is below market; voucher rent may lag private rents.
0.80
1 BR
1 BR
0.79ratio
FMR$2,370
Market$3,010
vs market-$640
FMR is below market; voucher rent may lag private rents.
0.79
2 BR
2 BR
0.74ratio
FMR$3,000
Market$4,050
vs market-$1,050
FMR is below market; voucher rent may lag private rents.
0.74
3 BR
3 BR
0.76ratio
FMR$3,640
Market$4,770
vs market-$1,130
FMR is below market; voucher rent may lag private rents.
0.76
4 BR
4 BR
0.64ratio
FMR$4,100
Market$6,360
vs market-$2,260
FMR is below market; voucher rent may lag private rents.
0.64
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
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ZIP 08544 fair market rent, FY 2027
For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 08544 (Princeton, NJ) is $3,000 a month. That is up 11.1% from $2,700 in FY 2026. Princeton is in the Trenton-Princeton, NJ MSA. 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 $2,242. Among 36 ZIP codes in Mercer County, 08544 has the 3rd-highest two-bedroom rent (county range $1,760–$3,360). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 08544 is 34% above it.
FY 2027 rent by bedroom
FY 2027 fair market rent by bedroom for 08544
Bedrooms
FY 2026
FY 2027
Change
90–110% range
Studio
$1,880
$2,120
+12.8%
$1,908–$2,332
1BR
$2,140
$2,370
+10.7%
$2,133–$2,607
2BR
$2,700
$3,000
+11.1%
$2,700–$3,300
3BR
$3,240
$3,640
+12.3%
$3,276–$4,004
4BR
$3,670
$4,100
+11.7%
$3,690–$4,510
Fair market rent history, FY 2023–2027
Fair market rent by fiscal year for 08544
Fiscal year
Studio
1BR
2BR
3BR
4BR
FY 2027
$2,120
$2,370
$3,000
$3,640
$4,100
FY 2026
$1,880
$2,140
$2,700
$3,240
$3,670
FY 2025
$1,890
$2,170
$2,740
$3,300
$3,700
FY 2024
$1,360
$1,550
$2,000
$2,420
$2,660
FY 2023
$1,160
$1,320
$1,730
$2,110
$2,320
Two-bedroom rent in nearby Mercer County ZIP codes
How much will Section 8 pay for a two-bedroom in ZIP 08544?
Housing authorities set voucher payment standards, normally between 90% and 110% of the FMR. With the metro-wide two-bedroom FMR of $2,242, which applies unless the housing authority uses Small Area FMRs, that basic range is $2,018 to $2,466 a month; under the ZIP-level Small Area FMR of $3,000 it would be $2,700 to $3,300. 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 08544 in?
ZIP 08544 is in the Trenton-Princeton, NJ MSA. Small Area FMRs are optional here; the metro-wide two-bedroom FMR is $2,242.
How much did fair market rent change in ZIP 08544 for FY 2027?
The two-bedroom FMR rose 11.1%, from $2,700 in FY 2026 to $3,000 in FY 2027. Since FY 2023 it has risen 73.4%.
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