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Middlesex-Somerset-Hunterdon, NJ

The Fair Market Rent for a 2-bedroom in Middlesex-Somerset-Hunterdon, NJ is $2,486 per month, ranking #26 out of 693 areas nationwide. The area median household income is $97,334, meaning a household spending Fair Market Rent on a 2-bedroom would pay 30.6% of income on housing. Rent in Middlesex-Somerset-Hunterdon has increased 9.2% year over year. The area has a population of 19.8M, with 48.5% of households renting.

30.6%
Rent Burdened
of income → rent
$2,486
2BR Fair Market Rent
vs $1,250 national median
$97,334
Median Income
vs $71,049 national
$1,780
Actual Median Rent
Census ACS estimate
+9.2%
Year-over-Year
2BR FMR change
19.8M
Population
Census ACS
48.5%
Renters
of occupied housing
$587,400
Median Home Value
7.9%
Vacancy Rate
of housing units
12.4%
Poverty Rate
below poverty line

Fair Market Rent by Bedroom Size

$1,804
Studio
$1,978
1 Bedroom
$2,486
2 Bedroom
$2,981
3 Bedroom
$3,296
4 Bedroom

Fair Market Rents (FMRs) are set annually by the U.S. Department of Housing and Urban Development and represent the 40th percentile of gross rents for standard-quality units in an area. FMRs are used to determine payment standards for the Housing Choice Voucher program and other federal housing assistance.

Housing Affordability

In Middlesex-Somerset-Hunterdon, NJ, a household earning the area median income of $97,334 would spend 30.6% of their gross income on a 2-bedroom at Fair Market Rent. HUD considers households spending more than 30% of income on housing to be "cost-burdened." This means many renters in this area face financial strain from housing costs.

Income Needed for 2BR
$99,440
annual (30% threshold)
Hourly Wage Needed
$48
full-time (2,080 hrs/yr)
Actual Median Rent
$1,780
$706 below FMR

5-Year Rent Trend

+41.8% since 2021
$1,7532021$1,8512022$1,9172023$2,2762024$2,1762025$2,4862026

2-bedroom Fair Market Rent by fiscal year. Source: HUD FMR API.

Minimum Wage Affordability

The minimum wage in New Jersey is $15.49/hr. A minimum-wage worker would need to work 123.5 hours per week to afford a 2-bedroom at Fair Market Rent without exceeding 30% of income on housing. This means a single minimum-wage earner cannot afford a 2-bedroom working a standard 40-hour week. The poverty rate in Middlesex-Somerset-Hunterdon is 12.4%, below the national average of approximately 12.4%.

State Min Wage
$15.49/hr
Hours/Week Needed
123.5 hrs
Poverty Rate
12.4%

Housing Market Context

The median home value in Middlesex-Somerset-Hunterdon is $587,400. At a median income of $97,334, this represents a price-to-income ratio of 6.0x. 7.9% of housing units in the area are vacant, which is near the national average.

Rent vs. Buy
$4,112 est. mortgage
vs $2,486 FMR rent
Vacancy Rate
7.9%
of housing units

Other Areas in New Jersey

Jersey City
$2,763/mo
2BR FMR · 34.1% burden
Monmouth-Ocean
$2,328/mo
2BR FMR · 28.7% burden
Bergen-Passaic
$2,324/mo
2BR FMR · 28.7% burden
Newark
$2,205/mo
2BR FMR · 27.2% burden
Trenton-Princeton
$1,950/mo
2BR FMR · 24.3% burden

Compare Middlesex-Somerset-Hunterdon

vs Jersey City, NJvs Monmouth-Ocean, NJvs Bergen-Passaic, NJ

Areas With Similar Rent to Middlesex-Somerset-Hunterdon

Frequently Asked Questions

The HUD Fair Market Rent for a 2-bedroom in Middlesex-Somerset-Hunterdon, NJ is $2,486 per month. A studio is $1,804/mo, a 1-bedroom is $1,978/mo, and a 3-bedroom is $2,981/mo. The actual median gross rent from Census data is $1,780/mo.

Middlesex-Somerset-Hunterdon has a rent burden of 30.6%, meaning a household earning the median income of $97,334 would spend 30.6% of income on a 2-bedroom at Fair Market Rent. HUD considers spending 30%+ on housing to be cost-burdened. To afford a 2-bedroom without being cost-burdened, a household would need an annual income of at least $99,440.

Middlesex-Somerset-Hunterdon's 2-bedroom Fair Market Rent of $2,486/mo is $1,236 above the national median of $1,250/mo. Middlesex-Somerset-Hunterdon ranks #26 out of 693 areas for highest rent in the United States.

To afford a 2-bedroom at Fair Market Rent in Middlesex-Somerset-Hunterdon without spending more than 30% of income on housing, you would need an annual household income of at least $99,440, or a full-time hourly wage of $48/hour. The area median income is $97,334.

The 2-bedroom Fair Market Rent in Middlesex-Somerset-Hunterdon increased by 9.2% compared to the prior year. This is a significant increase, suggesting growing demand in the local housing market.

Fair Market Rents represent the 40th percentile of gross rents for standard-quality rental units. Rent burden is calculated as annual 2BR FMR divided by area median household income. Census data (income, home value, population, vacancy) is from the ACS 5-Year estimates. Unemployment rates are from BLS Local Area Unemployment Statistics.