What HUD offices serve Paramus, 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 Paramus.
How many renters live in Paramus, New Jersey?
The City of Paramus has 26,582 people living in 8,410 households.
There are 4,385 renters living in 1,557 renter households in this City. Renters make up 16.5 percent of the population living in Paramus.
What is the rental market like in Paramus, New Jersey?
There are an estimated 8,900 housing units in the Paramus area. Of these, 1,606 units are rental homes, making up 18 percent of the housing market. For every renter household in Paramus, New Jersey, there are 1 rental units.
What is the vacancy rate for rentals in Paramus?
The rental vacancy rate in Paramus 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 Paramus for each bedroom size?
Occupied Rental Units by Size in Paramus
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 182 | 257 | 258 | 360 | 425 |
Occupied Rental Units by Size in Paramus
A large number of apartments in Paramus 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 Paramus are overburdened by housing costs?
Among renter households in this market, 51 percent have housing cost burden. Further, 28 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 Paramus
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 Paramus, New Jersey
How many units are rented at Fair Market Rent (FMR) in Paramus?
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 | 16 | 9 percent |
| One BR | 185 | 72 percent |
| Two BR | 133 | 52 percent |
Rental Units Below FMR in Paramus, New Jersey
How many affordable rental units are in Paramus?
There are a variety of federal affordable housing programs serving households in Paramus, New Jersey including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 174 |
| Section 8 Project-Based Rental Assistance | 7 |
Tracked Units by Federal Program in Paramus, New Jersey
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Paramus, New Jersey
Paramus features 8 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 Paramus, New Jersey
There are 110 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Paramus.
Housing Choice Vouchers in Paramus, New Jersey
On average, Section 8 Housing Choice vouchers pay Paramus landlords $1,000 per month towards rent. The average voucher holder contributes $400 towards rent in Paramus.
The maximum amount a voucher would pay on behalf of a low-income tenant in Paramus, New Jersey for a two-bedroom apartment is between $1,703 and $2,081.
Sourced from federal housing data and AffordableHousingOnline.com research.
