Rental Benchmark Overview
2-Bedroom Benchmark Rent
$2,205$26,460 per year · HUD Fiscal Year 2026Fair market rent & 30% rule in Morris County, NJ
Official HUD Fair Market Rents evaluated against local household income benchmarks.
Fair Market Rent Schedule & Wage Requirements: Morris County, NJ
Calculations assume standard housing affordability guidelines where shelter costs consume no more than 30% of gross income, based on full-time employment of 2,080 annual working hours.
| Bedroom Type | Monthly Rent | Annual Rent | Min. Annual Income | Hourly Wage (40h/wk) |
|---|---|---|---|---|
| Studio / Efficiency | $1,612 | $19,344 | $64,480 | $31.00/hr |
| 1-Bedroom Apartment | $1,822 | $21,864 | $72,880 | $35.04/hr |
| 2-Bedroom ApartmentStandard Benchmark | $2,205 | $26,460 | $88,200 | $42.40/hr |
| 3-Bedroom Home | $2,761 | $33,132 | $110,440 | $53.10/hr |
| 4-Bedroom Home | $3,137 | $37,644 | $125,480 | $60.33/hr |
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Frequently Asked Questions About Rent in Morris County, NJ
What is the Fair Market Rent for a 2-bedroom in Morris County, NJ?
For Fiscal Year 2026, the official HUD Fair Market Rent for a 2-bedroom home in Morris County, NJ is $2,205 per month ($26,460 per year).
What hourly wage is needed to afford rent in Morris County, NJ?
To comfortably afford a 2-bedroom apartment at $2,205/month without exceeding 30% of income on rent, a full-time worker (40 hours/week, 52 weeks/year) must earn at least $42.40 per hour ($88,200/year).
What are the HUD Fair Market Rents by bedroom count in Morris County, NJ?
Official 2026 HUD rents in Morris County, NJ are: Studio: $1,612/mo, 1-Bedroom: $1,822/mo, 2-Bedroom: $2,205/mo, 3-Bedroom: $2,761/mo, and 4-Bedroom: $3,137/mo.
How do HUD Fair Market Rents compare to local incomes in Morris County, NJ?
At the local Census ACS median household income of $137,326/year ($11,444/month), the benchmark 2-bedroom Fair Market Rent represents 19.3% of monthly income.
How is the 30% housing affordability standard calculated in Morris County, NJ?
The federal 30% rule states that housing costs should not exceed 30% of gross household income. For a 2-bedroom rent of $2,205/month, the required minimum annual gross income is calculated as ($2,205 × 12) ÷ 0.30 = $88,200 per year.