Low Income Apartments and Affordable Housing For Rent in Peapack, NJ

Discover affordable housing in Peapack where there are 1+ housing opportunities based on income and household needs like accessible units for seniors or persons with disabilities. Find and apply to these low income apartments now.

Peapack Gladstone Family Housing

85 Main St, Peapack, New Jersey 07977

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Peapack, New Jersey
$43.11/hour
$29.38 (+214%) more than New Jersey minimum wage and $35.86 (+495%) more than the Federal minimum wage.
Learn More About Peapack, New Jersey Affordable Housing ↓

What HUD offices serve Peapack, New Jersey?

Public Housing Agencies operate federally assisted affordable housing programs at local levels on behalf of HUD. Notably, housing agencies are responsible for managing Section 8 Housing Choice Voucher, Public Housing, and Project-Based Voucher waiting lists within their jurisdiction.

Operates the Section 8 Housing Choice Voucher (HCV) programs for Peapack, New Jersey.

Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Peapack.

How many renters live in Peapack, New Jersey?

The City of Peapack has 2,561 people living in 940 households.

There are 498 renters living in 236 renter households in this City. Renters make up 19.45 percent of the population living in Peapack.

What is the rental market like in Peapack, New Jersey?

There are an estimated 974 housing units in the Peapack area. Of these, 236 units are rental homes, making up 24 percent of the housing market. For every renter household in Peapack, New Jersey, there are 1 rental units.

What is the vacancy rate for rentals in Peapack?

The rental vacancy rate in Peapack is 0 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.

How many rental units are in Peapack for each bedroom size?

Occupied Rental Units by Size in Peapack
Studio One-Bedroom Two-Bedroom Three-Bedroom Four+ Bedrooms
0 0 170 42 24
Occupied Rental Units by Size in Peapack

A large number of apartments in Peapack have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.

How many renter households in Peapack are overburdened by housing costs?

Among renter households in this market, 61 percent have housing cost burden. Further, 53 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.

The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.

How Much Is Rent in Peapack

Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,608 to $3,031. FMRs are updated annually by HUD for every city and county nationwide.

Bed Size 2024 Fair Market Rents
Studio $1,608
One BR $1,807
Two BR $2,276
Three BR $2,756
Four BR $3,031
2024 Fair Market Rents in Peapack, New Jersey

How many units are rented at Fair Market Rent (FMR) in Peapack?

Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.

These are the approximate number of units renting below the FMR in this market:

Unit Size Count of Units Below FMR Percentage of Total Units Below FMR
Two BR 41 24 percent
Rental Units Below FMR in Peapack, New Jersey

How many affordable rental units are in Peapack?

There are a variety of federal affordable housing programs serving households in Peapack, New Jersey including the following:

Federal Program Unit Count
Low Income Housing Tax Credit 60
Tracked Units by Federal Program in Peapack, New Jersey

Rental units may be funded in part by multiple federal programs.

Income Based Apartments in Peapack, New Jersey

Peapack features 0 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.

Low Rent Apartments in Peapack, New Jersey

There are 20 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Peapack.

Housing Choice Vouchers in Peapack, New Jersey

On average, Section 8 Housing Choice vouchers pay Peapack landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Peapack.

The maximum amount a voucher would pay on behalf of a low-income tenant in Peapack, New Jersey for a two-bedroom apartment is between $2,048 and $2,504.

Sourced from federal housing data and AffordableHousingOnline.com research.