Low Income Apartments and Affordable Housing For Rent in Palisades Park, NJ

Discover affordable housing in Palisades Park where there are 2+ 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.

Highland View Apartments

300 Highland Ave, Palisades Park, New Jersey 07650

Multi Family Rental Rehab

248 Walker St, Palisades Park, New Jersey 0

The Hourly Wage Needed to Afford A Safe, Modest 2 Bed Apartment In Palisades Park, New Jersey
$35.83/hour
$22.10 (+161%) more than New Jersey minimum wage and $28.58 (+394%) more than the Federal minimum wage.
Learn More About Palisades Park, New Jersey Affordable Housing ↓

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.

Operates the Section 8 Housing Choice Voucher (HCV), Public Housing, Housing Opportunities for Persons with AIDS (HOPWA) programs for Palisades Park, New Jersey.
Operates the Section 8 Housing Choice Voucher (HCV) programs for Palisades Park, New Jersey.

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 20,231 people living in 7,119 households.

There are 12,412 renters living in 4,450 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 7,413 housing units in the Palisades Park area. Of these, 4,573 units are rental homes, making up 62 percent of the housing market. For every renter household in Palisades Park, New Jersey, there are 1 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 many renter households in Palisades Park are overburdened by housing costs?

Among renter households in this market, 49 percent have housing cost burden. Further, 24 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 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 59
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.