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Somerset County/Somerville/08876

08876

ZIPSAFMR
Somerset County, NJ
Zillow

ZIP Investment Score

56Below average

095130300
BRFMR
Eff. Rent
0 BR$1,880$2,070
1 BR$2,030$2,190
2 BR$2,530$2,780
3 BR$3,010$3,240
4 BR$3,380$3,720
5 BR$3,887Not available
6 BR$4,470Not available
7 BR$5,141Not available
8 BR$5,912Not available

Purchase Price Calculator

Maximum purchase price
$351,190

Cost breakdown

+Likely effective rent$2,780
HUD FMR$2,530
Market rent$3,010
Est. payment standard (110%)Used$2,780
-Principal and interest-$1,776
Loan amount$280,952
Down payment$70,238
Rate6.50%
Term30 years
-Operating costs-$804
Property taxes-$351
Insurance-$175
Utilities$0
HOA$0
Management-$278
=Target cash flow+$200
Calculation mode

Hold period projections

Annual appreciation rate
3-year hold
+$44,269(63.0% ROI)
Projected value
$378,194
Return breakdown
Property appreciation+$27,003
Loan principal paid down+$10,066
Rental cash flow+$7,200
5-year hold
+$76,099(108.3% ROI)
Projected value
$397,340
Return breakdown
Property appreciation+$46,149
Loan principal paid down+$17,950
Rental cash flow+$12,000
10-year hold
+$165,135(235.1% ROI)
Projected value
$449,553
Return breakdown
Property appreciation+$98,363
Loan principal paid down+$42,772
Rental cash flow+$24,000

Public Housing Authority

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Rolodex

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Market Alignment

Studio
0.77
1 BR
0.89
2 BR
0.84
3 BR
0.90
4 BR
0.83
0.701.001.30aligned range
Historical
FY 2023-2027
FMR
FY2027
Market rent
last ~365 days
Property value
--
Tax rate
--
Mortgage rate
--

ZIP 08876 fair market rent, FY 2027

For FY 2027, HUD's Small Area Fair Market Rent for a two-bedroom unit in ZIP 08876 (Somerville, NJ) is $2,530 a month. That is up 6.8% from $2,370 in FY 2026. Somerville 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, 08876 has the 34th-highest two-bedroom rent (county range $2,290–$3,400). The median county two-bedroom FMR in New Jersey is $2,233, so ZIP 08876 is 13% above it.

FY 2027 rent by bedroom

FY 2027 fair market rent by bedroom for 08876
BedroomsFY 2027Change90–110% range
Studio$1,880+9.3%$1,692–$2,068
1BR$2,030+7.4%$1,827–$2,233
2BR$2,530+6.8%$2,277–$2,783
3BR$3,010+6.0%$2,709–$3,311
4BR$3,380+7.6%$3,042–$3,718

Fair market rent history, FY 2023–2027

Fair market rent by fiscal year for 08876
Fiscal yearStudio1BR2BR3BR4BR
FY 2027$1,880$2,030$2,530$3,010$3,380
FY 2026$1,720$1,890$2,370$2,840$3,140
FY 2025$1,450$1,630$2,050$2,490$2,730
FY 2024$1,500$1,690$2,130$2,580$2,840
FY 2023$1,260$1,430$1,810$2,200$2,430

Two-bedroom rent in nearby Somerset County ZIP codes

FY 2027 two-bedroom Small Area FMR by ZIP code
ZIP code2 bedroomvs. 08876
08824$2,980+17.8%
08835$2,540+0.4%
08836$2,910+15.0%
08844$3,080+21.7%
08853$2,770+9.5%
08869$2,740+8.3%
08873$2,840+12.3%
08875$2,750+8.7%
08876Current$2,530—
08880$2,460−2.8%
08889$2,850+12.6%
08901$2,550+0.8%

Questions about ZIP 08876 rents

How much will Section 8 pay for a two-bedroom in ZIP 08876?

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 $2,530 it would be $2,277 to $2,783. 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 08876 in?

ZIP 08876 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 08876 for FY 2027?

The two-bedroom FMR rose 6.8%, from $2,370 in FY 2026 to $2,530 in FY 2027. Since FY 2023 it has risen 39.8%.

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