Affordable Housing In Florham Park
Morris County, New Jersey

3 Low Income Apartment Communities In Florham Park

Cheshire Home III

9 Ridgedale Ave
Florham Park, NJ
Accessible
Disabled Supportive Housing
Subsidized

Woodfield Estates at Florham Park 192

11 Ward Pl
Florham Park, NJ
HCV Welcome

Park Ave at Florham Pk.

Park Ave
Florham Park, NJ
HCV Welcome
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Housing Authorities that serve Florham Park

Housing Authority Programs
Morris County Housing Authority Section 8 Housing Choice Voucher (HCV); Public Housing
State of New Jersey Department of Community Affairs Section 8 Housing Choice Voucher (HCV)
Housing Authority Town of Dover Section 8 Housing Choice Voucher (HCV); Public Housing

Guide To Affordable Housing in Florham Park, New Jersey

There are 3 low income housing apartment communities offering 133 affordable apartments for rent in Florham Park, New Jersey. Florham Park features 8 low income apartments with rental assistance where households typically pay no more than 30% of their income towards rent. Additionally, there are 125 other low income apartments that don't provide direct rental assistance but remain affordable to low income households in Florham Park.

Sourced from federal housing data and AffordableHousingOnline.com research.

Florham Park, NJ Affordable Housing Snapshot

Total Affordable Apartment Properties 3
Total Low Income Apartments 133
Total Housing Units with Rental Assistance 8
Percentage of Housing Units Occupied By Renters 28.33%
Average Renter Household Size 2.12
Average Household Size 2.51
Median Household Income $103,916 ±$12,002
Median Rent $2,125 ±$229
Percentage Of Renters Overburdened 44.6% ± 14.19pp
Total Population 11,802

Population and Household Demographics

Florham Park is a City in Morris County, New Jersey with a population of 11,802. There are 4,052 households in the city with an average household size of 2.51 persons. 28.33% of households in Florham Park are renters.

Income and Rent Overburden in Florham Park

The median gross income for households in Florham Park is $103,916 a year, or $8,660 a month. The median rent for the city is $2,125 a month.

Households who pay more than thirty percent of their gross income are considered to be Rent Overburdened. In Florham Park, a household making less than $7,083 a month would be considered overburdened when renting an apartment at or above the median rent. 44.6% of households who rent are overburdened in Florham Park.1

Area Median Income In Florham Park

Affordable housing program eligibility is always determined by one's income. Each household's income is compared to the incomes of all other households in the area. This is accomplished through a statistic established by the government called the Area Median Income, most often referred to as AMI. The AMI is calculated and published each year by HUD.

HUD often uses an area larger than a city to determine the AMI because HUD anticipates those searching for housing will look beyond individual cities during their housing search. For Florham Park, the AMI is calculated from all households within Morris County.

In Florham Park, HUD calculates the Area Median Income for a family of four as $100,600

Most affordable housing programs determine eligibility based on the percent of AMI a given household's income is. Among the programs that determine eligibility based on the AMI are Section 8, HOME, LIHTC, Section 515, 202 and 811.

Rental Assistance in Florham Park

Rental assistance is a type of housing subsidy that pays for a portion of a renter’s monthly housing costs, including rent and tenant paid utilities. This housing assistance can come in the form of Section 8 Housing Choice Vouchers, project-based Section 8 contracts, public housing, USDA Rental Assistance (in Section 515 properties) as well as HUD Section 202 and 811 properties for elderly and disabled households.

Income Qualifications for Florham Park HUD Rental Assistance in Florham Park

Income 1 Person 2 Person 3 Person 4 Person 5 Person 6 Person 7 Person 8 Person
30% of Median $21,150 $24,200 $27,200 $30,200 $32,650 $35,050 $39,010 $43,430
50% of Median $35,250 $40,250 $45,300 $50,300 $54,350 $58,350 $62,400 $66,400
80% of Median $52,850 $60,400 $67,950 $75,500 $81,550 $87,600 $93,650 $99,700
Fair Market Rents in Florham Park

Fair Market Rents, often abbreviated as FMR, can be used to better understand the average housing costs of an area. Notably, Fair Market Rents are used to establish the payment standards for the Housing Choice Voucher Program, maximum rents in HOME financed rental projects and initial rents for Section 8 project based assistance.

2020 Fair Market Rents
Studio One BR Two BR Three BR Four BR
$1,034 $1,218 $1,483 $1,891 $2,236