FY2027 Small Area FMR · Mountain Lakes, NJ

ZIP 07046 Fair Market Rent & Payment Standards

HUD's FY2027 Small Area Fair Market Rent for a two-bedroom home in ZIP code 07046 (Mountain Lakes, NJ) is $2,480 a month, down 0.4% from FY2026. That is 11% above the Newark, NJ area-wide FMR of $2,233.

2-bedroom SAFMR$2,480per month ▼ 0.4%

Area-wide 2 BR FMR$2,233Newark, NJ

Rank in the area77thof 161 ZIP codes

Payment standard range, 2 bedrooms

90% of SAFMR$2,232

2 BR Small Area FMR$2,480

110% of SAFMR$2,728

Housing agencies may set voucher payment standards anywhere from 90% to 110% of the FMR without asking HUD.

Studio$1,820■ 0.0%

1 BR$2,060■ 0.0%

2 BR$2,480▼ 0.4%

3 BR$3,100▼ 0.3%

4 BR$3,540■ 0.0%

FY2027 FY2026

Where 07046 sits in the Newark, NJ area

Of the 161 ZIP codes HUD lists for the area, 07046 has the 77th highest two-bedroom Small Area FMR. Newark, NJ is not on HUD's list of mandatory Small Area FMR areas, so voucher payment standards here are normally based on the area-wide FMR of $2,233 for two bedrooms; an agency that opts in to Small Area FMRs would use $2,480 for this ZIP code instead.

All unit sizes

Monthly gross rent including utilities
Unit	FY2027 SAFMR	Payment standard range	Area-wide FMR	FY2026 SAFMR
Studio	$1,820	$1,638 – $2,002	$1,637	$1,820
1 bedroom	$2,060	$1,854 – $2,266	$1,850	$2,060
2 bedrooms	$2,480	$2,232 – $2,728	$2,233	$2,490
3 bedrooms	$3,100	$2,790 – $3,410	$2,785	$3,110
4 bedrooms	$3,540	$3,186 – $3,894	$3,188	$3,540

A household renting a two-bedroom home at the Small Area FMR of $2,480 needs about $99,200 a year to keep housing costs at 30% of income. The area median family income is $138,400 and the 80% low-income limit for four people is $106,800. ZIP code 07046 lies mainly in Morris County. See the Newark, NJ metro page for the full income limits table and the household check.

Nearby ZIP codes

ZIP	Place	Distance	2 BR SAFMR
07878	Mount Tabor	2.2 mi	$3,250
07834	Denville	2.7 mi	$2,440
07005	Boonton	3.1 mi	$2,460
07034	Lake Hiawatha	3.3 mi	$1,990
07054	Parsippany	3.3 mi	$2,640
07950	Morris Plains	3.8 mi	$3,350

Questions

What is the Fair Market Rent for ZIP code 07046?

HUD's FY2027 Small Area Fair Market Rents for 07046 are $1,820 (studio), $2,060 (1 BR), $2,480 (2 BR), $3,100 (3 BR) and $3,540 (4 BR) a month.

What is the Section 8 payment standard in 07046?

Housing agencies set payment standards between 90% and 110% of the applicable FMR without HUD approval. For a two-bedroom unit in 07046 that range is $2,232 to $2,728 if the agency uses Small Area FMRs. Ask your housing agency for its actual payment standard.

Which income limits apply in 07046?

The FY2026 income limits of the Newark, NJ area apply: median family income $138,400, low-income (80%) limit $106,800 for a family of four.