What HUD offices serve Pennington, 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 Pennington.
How many renters live in Pennington, New Jersey?
The City of Pennington has 2,780 people living in 1,138 households.
There are 433 renters living in 218 renter households in this City. Renters make up 15.58 percent of the population living in Pennington.
What is the rental market like in Pennington, New Jersey?
There are an estimated 1,252 housing units in the Pennington area. Of these, 218 units are rental homes, making up 17 percent of the housing market. For every renter household in Pennington, New Jersey, there are 1 rental units.
What is the vacancy rate for rentals in Pennington?
The rental vacancy rate in Pennington 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 Pennington for each bedroom size?
Occupied Rental Units by Size in Pennington
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 33 | 48 | 61 | 37 | 17 |
Occupied Rental Units by Size in Pennington
A large number of apartments in Pennington 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 Pennington are overburdened by housing costs?
Among renter households in this market, 27 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 Pennington
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,354 to $2,661. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,354 |
| One BR | $1,550 |
| Two BR | $1,998 |
| Three BR | $2,416 |
| Four BR | $2,661 |
2024 Fair Market Rents in Pennington, New Jersey
How many units are rented at Fair Market Rent (FMR) in Pennington?
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 | 4 | 12 percent |
| One BR | 0 | 100 percent |
| Two BR | 0 | 100 percent |
Rental Units Below FMR in Pennington, New Jersey
How many affordable rental units are in Pennington?
Income Based Apartments in Pennington, New Jersey
Pennington 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 Pennington, New Jersey
There are 150 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Pennington.
Housing Choice Vouchers in Pennington, New Jersey
On average, Section 8 Housing Choice vouchers pay Pennington landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Pennington.
The maximum amount a voucher would pay on behalf of a low-income tenant in Pennington, New Jersey for a two-bedroom apartment is between $1,798 and $2,198.
Sourced from federal housing data and AffordableHousingOnline.com research.
