HUD Fair Market Rent · FY 2027 · Effective Oct 1, 2026 to Sep 30, 2027
Fair Market Rent in Monmouth County, New Jersey (FY 2027)
$2,283 a month. That's HUD's FY 2027 Fair Market Rent for a two-bedroom in Monmouth County, and it's the baseline every voucher in Monmouth is measured against.
Two-bedroom FMR
$2,283
-1.9% from FY 2026
Payment standard
$2,055–$2,511
90% to 110% of the FMR, two-bedroom
Income to afford
$91,320
a year, with rent at 30% of income
Rank in New Jersey
5th of 21
by two-bedroom FMR, highest first
FY 2027 Fair Market Rents
Payment standard is the 90% to 110% band a housing authority can set. Income needed puts rent at 30% of gross income, and the hourly wage assumes a 40-hour week.
| Bedrooms | FMR | Payment standard | Income needed | Hourly wage | vs FY 2026 |
|---|---|---|---|---|---|
| Studio | $1,671 | $1,504–$1,838 | $66,840 | $32.13/hr | -0.3% |
| 1 bedroom | $1,847 | $1,662–$2,032 | $73,880 | $35.52/hr | -2.2% |
| 2 bedroom | $2,283 | $2,055–$2,511 | $91,320 | $43.90/hr | -1.9% |
| 3 bedroom | $2,927 | $2,634–$3,220 | $117,080 | $56.29/hr | -3.8% |
| 4 bedroom | $3,241 | $2,917–$3,565 | $129,640 | $62.33/hr | -3.9% |
Five to eight bedrooms (PropMetrics estimates)
HUD stops at four bedrooms. These add 15% of the four-bedroom rent per extra bedroom. It's our estimate, not a HUD number.
| Bedrooms | Estimated FMR | Payment standard |
|---|---|---|
| 5 bedroom Estimate | $3,727 | $3,354–$4,100 |
| 6 bedroom Estimate | $4,213 | $3,792–$4,634 |
| 7 bedroom Estimate | $4,699 | $4,229–$5,169 |
| 8 bedroom Estimate | $5,186 | $4,667–$5,705 |
Source: HUD Office of Policy Development and Research, FY 2027 Fair Market Rents. Rents include utilities. huduser.gov
Market check
HUD's number is one input. What does a two-bedroom in Monmouth actually rent for?
Search any address in Monmouth for a rent estimate built from nearby comps, with the HUD figure right next to it.
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What a voucher pays here
The voucher doesn't pay the FMR itself. It pays the payment standard. Housing authorities set it anywhere from 90% to 110% of FMR, which puts a two-bedroom standard in Monmouth somewhere between $2,055 and $2,511. The tenant pays roughly 30% of their income, the voucher covers the rest up to the standard, and the PHA won't approve a rent above what comparable unassisted units get.
$2,283 a month is affordable, by HUD's 30% rule, on an income of roughly $91,320 a year. Put another way, $44 an hour full time.
Worked example for a two-bedroom renting at the payment standard. The tenant pays 30% of monthly income and the voucher covers the rest.
| Monthly household income | Tenant pays (30%) | Voucher pays at 90%$2,055 | Voucher pays at 100%$2,283 | Voucher pays at 110%$2,511 |
|---|---|---|---|---|
| $2,500 | $750 | $1,305 | $1,533 | $1,761 |
| $4,000 | $1,200 | $855 | $1,083 | $1,311 |
Rate history
The two-bedroom rate went down 2% from FY 2026 ($2,328) to FY 2027 ($2,283). Since FY 2020 it's up 39% in total, about 4.8% a year. The New Jersey median moved up 1% over the same year.
| Fiscal year | Studio | 1 BR | 2 BR | 3 BR | 4 BR | 2BR change |
|---|---|---|---|---|---|---|
| FY 2020 | $1,088 | $1,270 | $1,639 | $2,251 | $2,523 | — |
| FY 2021 | $1,126 | $1,291 | $1,652 | $2,277 | $2,524 | +0.8% |
| FY 2022 | $1,092 | $1,230 | $1,558 | $2,142 | $2,374 | -5.7% |
| FY 2023 | $1,146 | $1,279 | $1,602 | $2,193 | $2,441 | +2.8% |
| FY 2024 | $1,385 | $1,546 | $1,916 | $2,604 | $2,904 | +19.6% |
| FY 2025 | $1,474 | $1,654 | $2,040 | $2,717 | $3,023 | +6.5% |
| FY 2026 | $1,676 | $1,889 | $2,328 | $3,043 | $3,371 | +14.1% |
| FY 2027In effect | $1,671 | $1,847 | $2,283 | $2,927 | $3,241 | -1.9% |
About this rate
Fair Market Rent is HUD's estimate of what a modest, decent unit rents for in an area, utilities included. It's set once a year and runs October to September. For FY 2027 that's October 1, 2026 through September 30, 2027. In Monmouth, that runs from $1,671 for a studio up to $3,241 for four bedrooms, all five rates in the table above.
This is a metro rate. The county doesn't get one of its own. HUD lumps Monmouth in with one other county in the Monmouth-Ocean metro, Ocean County among them, and every one of them gets $2,283 for a two-bedroom. Where you are inside the metro doesn't change the county number. It does change the ZIP number, covered below.
Among New Jersey's 21 counties, Monmouth ranks 5th for two-bedroom FMR. That's about 2% above the state median of $2,233 and about 115% above the national median county at $1,063. About 645,353 people live here, 6th in the state.
Rates by ZIP code
Zoom in and the picture changes. HUD's Small Area FMRs put a two-bedroom at $1,200 in 07738 (Lincroft) and $3,420 in 07702 (Shrewsbury), with the 55 ZIP codes in between. Housing authorities in HUD-designated metros use those ZIP rates instead of the county rate. Everywhere else the ZIP numbers show where rents actually sit, and the county rate stays the official standard.
| ZIP | City | 2BR rate | vs county |
|---|---|---|---|
| 07701 | Red Bank | $2,620 | +14.8% |
| 07702 | Shrewsbury | $3,420 | +49.8% |
| 07703 | Fort Monmouth | $2,740 | +20.0% |
| 07704 | Fair Haven | $3,420 | +49.8% |
| 07710 | Adelphia | $2,330 | +2.1% |
| 07711 | Allenhurst | $2,430 | +6.4% |
| 07712 | Asbury Park | $2,310 | +1.2% |
| 07715 | Belmar | $2,283County rate | — |
| 07716 | Atlantic Highlands | $2,540 | +11.3% |
| 07717 | Avon By The Sea | $2,380 | +4.2% |
| 07718 | Belford | $2,090 | -8.5% |
| 07719 | Belmar | $2,260 | -1.0% |
| 07720 | Bradley Beach | $2,220 | -2.8% |
| 07721 | Cliffwood | $2,480 | +8.6% |
| 07722 | Colts Neck | $3,420 | +49.8% |
| 07723 | Deal | $2,070 | -9.3% |
| 07724 | Eatontown | $2,100 | -8.0% |
| 07726 | Englishtown | $2,470 | +8.2% |
| 07727 | Farmingdale | $2,180 | -4.5% |
| 07728 | Freehold | $2,430 | +6.4% |
| 07730 | Hazlet | $2,560 | +12.1% |
| 07731 | Howell | $3,210 | +40.6% |
| 07732 | Highlands | $2,460 | +7.8% |
| 07733 | Holmdel | $3,420 | +49.8% |
| 07734 | Keansburg | $2,130 | -6.7% |
| 07735 | Keyport | $2,150 | -5.8% |
| 07737 | Leonardo | $1,920 | -15.9% |
| 07738 | Lincroft | $1,200 | -47.4% |
| 07739 | Little Silver | $3,030 | +32.7% |
| 07740 | Long Branch | $2,410 | +5.6% |
| 07746 | Marlboro | $3,420 | +49.8% |
| 07747 | Matawan | $2,540 | +11.3% |
| 07748 | Middletown | $2,110 | -7.6% |
| 07750 | Monmouth Beach | $2,800 | +22.6% |
| 07751 | Morganville | $3,330 | +45.9% |
| 07752 | Navesink | $2,330 | +2.1% |
| 07753 | Neptune | $2,380 | +4.2% |
| 07754 | Neptune | $2,330 | +2.1% |
| 07755 | Oakhurst | $3,250 | +42.4% |
| 07756 | Ocean Grove | $1,710 | -25.1% |
Counties sharing the Monmouth-Ocean metro rate
HUD sets one rate for the whole metro, so every county here carries the same $2,283 two-bedroom figure as Monmouth.
Nearby counties
Two-bedroom FMR, with how each compares to Monmouth.
Middlesex County
19 mi · 871,290 people
$2,623
+15%
Ocean County
25 mi · 654,362 people
$2,283
same rate
Union County
27 mi · 579,290 people
$2,233
-2%
Mercer County
29 mi · 385,864 people
$2,242
-2%
Somerset County
31 mi · 349,846 people
$2,623
+15%
Hudson County
32 mi · 718,323 people
$2,792
+22%
Essex County
34 mi · 863,002 people
$2,233
-2%
Burlington County
38 mi · 467,805 people
$1,860
-19%
Questions people ask
$2,283 a month for FY 2027, which runs October 1, 2026 through September 30, 2027. The other rates are $1,671 for a studio, $1,847 for one bedroom, $2,927 for three and $3,241 for four.
Tools for this county
Fair Market Rent lookup
Any ZIP code's Small Area FMR by bedroom count
Section 8 rent calculator
Payment standard and tenant share for a specific rent
What is Fair Market Rent?
How HUD calculates FMR and what it means for landlords
Rent affordability calculator
The income a household needs for a given rent
What does a rental in Monmouth actually go for?
HUD's number is one input. Search any address in Monmouth for a rent estimate built from nearby comps. Free to start, no card.
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