What HUD offices serve Palisades Park, 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.
Go to the New Jersey Public Housing and Low-Income Apartments Waiting Lists page for openings near Palisades Park.
How many renters live in Palisades Park, New Jersey?
The City of Palisades Park has people living in households.
There are renters living in renter households in this City. Renters make up 61.35 percent of the population living in Palisades Park.
What is the rental market like in Palisades Park, New Jersey?
There are an estimated housing units in the Palisades Park area. Of these, units are rental homes, making up percent of the housing market. For every renter household in Palisades Park, New Jersey, there are 1.03 rental units.
What is the vacancy rate for rentals in Palisades Park?
The rental vacancy rate in Palisades Park is 3 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 Palisades Park for each bedroom size?
Occupied Rental Units by Size in Palisades Park
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 402 | 862 | 1,530 | 1,314 | 300 |
Occupied Rental Units by Size in Palisades Park
A large number of apartments in Palisades Park have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How Much Is Rent in Palisades Park
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,400 to $2,946. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,400 |
| One BR | $1,645 |
| Two BR | $1,892 |
| Three BR | $2,342 |
| Four BR | $2,946 |
2024 Fair Market Rents in Palisades Park, New Jersey
How many units are rented at Fair Market Rent (FMR) in Palisades Park?
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 |
| Studio | 180 | 45 percent |
| One BR | 463 | 54 percent |
| Two BR | 137 | 9 percent |
Rental Units Below FMR in Palisades Park, New Jersey
How many affordable rental units are in Palisades Park?
There are a variety of federal affordable housing programs serving households in Palisades Park, New Jersey including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit |
Tracked Units by Federal Program in Palisades Park, New Jersey
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Palisades Park, New Jersey
Palisades Park features 95 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 Palisades Park, New Jersey
There are 8 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Palisades Park.
Housing Choice Vouchers in Palisades Park, New Jersey
On average, Section 8 Housing Choice vouchers pay Palisades Park landlords $1,000 per month towards rent. The average voucher holder contributes $400 towards rent in Palisades Park.
The maximum amount a voucher would pay on behalf of a low-income tenant in Palisades Park, New Jersey for a two-bedroom apartment is between $1,703 and $2,081.
Sourced from federal housing data and AffordableHousingOnline.com research.