JeffCroweCRE

Housing market/New Jersey/ZIP 07950

ACS 2023 · FY2027 SAFMR

ZIP 07950 Morris Plains, New Jersey

Newark, NJ HUD Metro FMR Area · New Jersey. Census housing stock, renter economics, HUD SAFMR, LIHTC, and population change. Not a listing page and not a buy/sell score.

Population
21,576
Households
8,304
Median HH income
$148,469
Renter share
24.5%
Median gross rent
$2,549
Vacancy
1.8%
Pop. change
+12.7%
2BR SAFMR
$3,350
SAFMR / rent
1.314×
2–49 unit stock
1,800
LIHTC proj / units
—
HUD assisted MF
—

ZIP brief

Email this profile

HUD schedule, ACS stock, and the 90–110% band for ZIP 07950 · NJ — sent to you.

ZIP 07950 · NJ

By checking this box you agree that you may be referred to another real estate broker or related service and acknowledge that CENTURY 21 The Avenues licensees and/or affiliates may be paid a valuable consideration for facilitating such referral.

ACS rent vs 2BR SAFMR

ZIP 07950 — Morris Plains, NJ HUD Section 8 Payment Standards / SAFMR →
ACS median rent$2,549
2BR SAFMR$3,350
90% floor$3,015
110% ceiling$3,685

ACS median is all-bedroom occupied rent. SAFMR is the 2-bedroom HCV benchmark.

Housing stock

ACS 2023 units-in-structure · ZCTA 07950

  • 1-unit detached4,77956.5%
  • 1-unit attached1,30115.4%
  • 2–4 units2372.8%
  • 5–49 units1,56318.5%
  • 50+ units5416.4%
  • Mobile390.5%
TypeUnitsShare
1-unit detached4,77956.5%
1-unit attached1,30115.4%
2 units (duplex)1802.1%
3–4 units570.7%
5–9 units4585.4%
10–19 units6667.9%
20–49 units4395.2%
50+ units5416.4%
Mobile390.5%

2–4 unit share 2.8% · 5–49 unit share 18.5% · combined 2–49 21.3%.

Units by bedrooms

Studio
81
1BR
1,162
2BR
1,771
3BR
2,582
4BR
2,141
5+
723

Rent burden

Rent ≥30% of income36.5%
Rent ≥50% of income8.9%
  • ACS median gross rent $2,549 (all bedrooms, occupied rentals).
  • Median contract rent $2,270.
  • Renters paying ≥30% of income 36.5%; ≥50% 8.9%.
  • FY2027 2BR SAFMR $3,350 (1.314× ACS median gross rent).

Population

21,576 residents · ACS 2023

Change versus the 2018 ACS 5-year estimate: +12.7%.

ACS 5-year estimates lag current construction. This is not a forecast.

Assisted inventory

  • LIHTC: not published for this ZIP.
  • HUD project-based assisted MF: not published for this ZIP.
  • HCV household counts (Picture of Subsidized Households) are not on this page yet.

New apartment permits

About 481 new apartments in 5+ unit buildings may have been permitted in this ZIP’s share of the county. That is units (doors), not a building count.

Cities and counties report building permits to the Census. Apartment counts are for the whole county, not a project list in this ZIP.

What the data shows

ZIP 07950 24.5% of occupied households are renters; vacancy is 1.8%; ACS median gross rent is $2,549; population increased +12.7% between the 2018 and 2023 ACS vintages; the housing stock includes 237 units in 2–4-unit structures and 1,563 units in 5–49-unit structures; FY2027 2BR SAFMR is $3,350 versus ACS median gross rent of $2,549. These figures describe the underlying housing market, not the cash flow of any one property. Asking rents, expenses, condition, taxes, insurance, and the rent roll have to be underwritten separately.

New Jersey research

ZIP 07950 is a Census / HUD profile for Newark, NJ. Not a listing page. Brokerage is Georgia; out-of-state work is referral.

ZIP 07950 — Morris Plains, NJ HUD Section 8 Payment Standards / SAFMR·New Jersey ZIP directory

Nearby ZIPs in this FMR area

ZIPPlaceRentersMed. rent2BR SAFMR
07003Newark, NJ HUD Metro FMR Area47.9%$1,775$2,60007004Newark, NJ HUD Metro FMR Area20.7%$2,576$3,35007005Newark, NJ HUD Metro FMR Area29.0%$1,779$2,46007006Newark, NJ HUD Metro FMR Area26.5%$1,973$2,65007007Newark, NJ HUD Metro FMR Area——$2,11007009Newark, NJ HUD Metro FMR Area16.6%$1,693$2,52007016Newark, NJ HUD Metro FMR Area21.6%$2,116$2,87007017Newark, NJ HUD Metro FMR Area68.7%$1,346$1,99007018Newark, NJ HUD Metro FMR Area77.7%$1,410$2,10007019Newark, NJ HUD Metro FMR Area——$2,11007021Newark, NJ HUD Metro FMR Area3.2%$3,501$2,86007023Newark, NJ HUD Metro FMR Area13.5%$2,368$3,130

Census ZIP areas approximate mail ZIPs. Sources: Census ACS 5-year 2023, HUD FY2027 Small Area FMR, HUD LIHTC and assisted multifamily lists, Census building permits (county). This page is New Jersey research. Brokerage is Georgia.

FAQ

What is the housing market like in ZIP 07950?

ZIP 07950 (Newark, NJ HUD Metro FMR Area) has 21,576 residents, 8,304 households, a renter share of 24.5%, median household income of $148,469, and ACS 2023 median gross rent of $2,549. Vacancy is 1.8%. These are ZCTA estimates, not a property rent roll.

How much small multifamily housing is in 07950?

ACS counts 180 units in 2-unit buildings, 57 in 3–4 unit buildings, 458 in 5–9, 666 in 10–19, and 439 in 20–49. Combined 2–49 unit stock is 1,800 units. This is occupied-and-vacant stock, not listings for sale.

What is the Section 8 rent in 07950?

The Housing Choice Voucher benchmark is the FY2027 Small Area FMR. 2-bedroom SAFMR is $3,350. See the full schedule and 90–110% payment-standard band on the ZIP 07950 — Morris Plains, NJ HUD Section 8 Payment Standards / SAFMR.

Does this New Jersey ZIP profile include Georgia listings?

No. ZIP 07950 is Census / HUD research for Newark, NJ HUD Metro FMR Area. Jeff Crowe CRE does not list New Jersey property. Licensed brokerage is Georgia. If you use this stock table and then buy in Georgia, live FMLS Residential Income is on multifamily for sale in Georgia.