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Rental Insights for ZIP Code 07043 (Montclair, NJ)

Housing Rentals in ZIP Code 07043 (Montclair, NJ)

07043 ZIP Code in New Jersey

Learn About Housing Rentals in ZIP Code 07043

ZIP Code 07043 is primarily located in Montclair, NJ in Essex County. The estimated median housing rent in this region of New Jersey is $2,007 per month. About 17.6% of housing units in this Essex County ZIP Code are occupied by renters, while the region has an approximate rental vacancy rate of 3.1%.

The median rent in ZIP Code 07043 of $2,007 per month is 50% higher than the aggregate New Jersey median monthly rent of $1,334, and is 89% higher than the $1,062 the median monthly rent in the U.S. overall. About 27.1% of residents in ZIP Code 07043 pay between $1,500 and $1,999 per month for rent. That is 23% higher than in New Jersey overall, in which 22.0% of total state residents pay between $1,500 and $1,999 per month for housing. Just 2.8% of renters in this Montclair, NJ region pay between $500 and $999 per month for rent.

ZIP Code 07043 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 07043

See the chart below for a comparison of monthly rental costs in ZIP Code 07043, New Jersey, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 07043 along with those in the state of New Jersey and the U.S. overall. For example, what percentage of renters pay between $1,000 and $1,499 monthly.

Rental Cost in ZIP Code 07043

See the table below for the regional comparison of monthly rental costs.

Cost ZIP 07043 New Jersey U.S.
Less than $500 0.0% 8.0% 9.4%
$500 to $999 2.8% 16.0% 36.2%
$1,000 to $1,499 19.8% 38.7% 30.0%
$1,500 to $1,999 27.1% 22.0% 14.0%
$2,000 to $2,499 25.5% 8.5% 5.6%
$2,500 to $2,999 13.6% 3.6% 2.4%
$3,000 or more 11.2% 3.1% 2.4%

Rent Cost vs. Income in ZIP Code 07043

Renters in ZIP Code 07043 use an estimated 26.28% of their income to cover their monthly rent payments. That is about 13% lower than in New Jersey overall. The estimate for New Jersey overall is 30.35% of income used for housing rent payments. In comparison to the U.S. as a whole, ZIP Code 07043 renters use about 12% less of their income to cover rent expense. Household income figures for ZIP Code 07043 come in higher than in New Jersey as a whole. The median annual household income in ZIP Code 07043 of $205,735 sits approximately 149% higher than the overall New Jersey median income of $82,545 and approximately 227% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 07043

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 07043, New Jersey, and also in the U.S. as a whole.

This chart visualizes monthly rent cost as a percentage of household income in ZIP Code 07043 along with the same calculations in the state of New Jersey and the U.S. overall. For example, what percentage of renters pay 15.0 to 19.9 percent of the monthly household income toward rent.

Rent as a Percentage of Income in ZIP Code 07043

See the table below for the regional comparison of monthly rent as a percentage of household income.

Rent Cost as % of Income ZIP 07043 New Jersey U.S.
Less than 15.0 percent 21.2% 12.1% 13.1%
15.0 to 19.9 percent 13.0% 12.4% 12.9%
20.0 to 24.9 percent 15.9% 12.6% 12.9%
25.0 to 29.9 percent 14.6% 11.6% 11.6%
30.0 to 34.9 percent 7.1% 9.0% 9.1%
35.0 percent or more 28.2% 42.4% 40.5%

Household Income in ZIP Code 07043

See the table below for the regional comparison of annual household income in ZIP Code 07043.

Income ZIP 07043 New Jersey U.S.
Less than $10,000 1.1% 4.9% 6.0%
$10,000 to $14,999 0.2% 3.2% 4.3%
$15,000 to $24,999 2.1% 7.1% 8.9%
$25,000 to $34,999 1.0% 6.9% 8.9%
$35,000 to $49,999 4.4% 9.4% 12.3%
$50,000 to $74,999 7.9% 14.6% 17.2%
$75,000 to $99,999 7.3% 12.1% 12.7%
$100,000 to $149,999 14.2% 17.7% 15.1%
$150,000 to $199,999 9.4% 10.1% 6.8%
$200,000 or more 52.4% 14.0% 7.7%

Household Income in ZIP Code 07043

See the chart below for a comparison of annual household income figures in ZIP Code 07043, New Jersey, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 07043 alongside the same figures for the state of New Jersey and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 07043

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 07043.

ZIP 07043 New Jersey U.S.
Median Housing Rent $2,007 $1,334 $1,062
Renter-Occupied Housing Units 17.6% 36.1% 36.0%
Rental Vacancy Rate 3.1% 4.8% 6.0%
Average Size of Renter-Occupied Unit 2.19 2.50 2.49
Average # of Bedrooms Per Unit 3.87 2.75 2.75
Percent of Income Spent on Rent 26.28% 30.35% 29.83%
Per Capita Income $92,525 $42,745 $34,103
Median Household Income $278,698 $114,691 $88,607
Living Below the Poverty Line 1.4% 7.2% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 07043

In ZIP Code 07043 (Montclair, NJ), and estimated 17.6% of housing units are occupied by renters. This region has an approximate rental vacany rate of 3.1%.

The per capita income in 07043 is estimated at $92,525, which goes along with an estimated median household income of $278,698. About 1.4% of residents in this Essex County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.19 occupants, while the units have an aggregate average size of 3.87 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 26.28% of their income on housing rental costs.

Rental FAQs for ZIP Code 07043

1

What is the median monthly rent in ZIP Code 07043?

Median rent for housing in ZIP Code 07043 in Essex County in New Jersey is approximately $2,007 per month.
2

Is it expensive to rent in ZIP Code 07043?

Rent in ZIP Code 07043 is higher than average in the state of New Jersey overall. The median monthly rent of $2,007 in ZIP Code 07043 is approximately 50% higher than the New Jersey median of $1,334. Additionally, median rent in this Montclair, NJ region ($2,007) is about 89% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 07043?

High-priced rentals are more common in ZIP Code 07043 than in New Jersey overall. The percentage of rentals in ZIP Code 07043 that cost $3,000 or more per month (11.2%) is about 261% higher than the New Jersey rate of 3.1% that cost that much. Additionally, the overall U.S. rate of 2.4% paying $3,000 or more per month is about 367% lower than the aforementioned 07043 rate of 11.2%.
4

Are affordable rentals common in ZIP Code 07043?

Affordable rentals are less common in ZIP Code 07043 than in New Jersey overall. The percentage of housing rentals in ZIP Code 07043 costing $999 or less per month (2.8%) is approximately 88% lower than the New Jersey rate of 24% that fall in that range. In addition, the aggregate U.S. rate of 45.6% paying $999 or less per month is about 94% higher than the previously mentioned 07043 rate of 2.8%.
5

What is the most common cost range that rentals fall into in ZIP Code 07043?

The most common range for rental cost in ZIP Code 07043 is between $1,500 and $1,999 per month. About 27.1% of renters in 07043 pay in this range for monthly rent. In comparison, approximately 22.0% of renters in the state of New Jersey fall in the between $1,500 and $1,999 range, and 14.0% of overall U.S. renters fall in this range.
6

Does ZIP Code 07043 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 07043 is lower than the rental vacancy rate in the state of New Jersey overall. Rental vacancy of 3.1% in ZIP Code 07043 is about 35% lower than the New Jersey rate of 4.8%. Looking more broadly, rental vacancy in this Montclair, NJ region (3.1%) is an estimated 48% lower than the estimated rental vacancy rate of 6.0% in the U.S. overall.
7

What is the average household income in ZIP Code 07043? How does it compare to other New Jersey regions?

Median household income in ZIP Code 07043 is higher than in the state of New Jersey overall. Annual household income of $205,735 in ZIP Code 07043 is about 149% higher than the New Jersey median of $82,545. Additionally, median household income in this Montclair, NJ region ($205,735) is approximately 227% higher than median household income of $62,843 in the U.S. as a whole.
8

How much of their income do renters in ZIP Code 07043 spend on housing costs?

Renters in ZIP Code 07043 spend a lower amount of their income on rent costs than do renters in New Jersey overall. Renters in ZIP Code 07043 spend an estimated 26.28% of their income on rent payments, which is about 13% lower than the overall New Jersey estimated rate of 30.35%. In addition, the aggregate U.S. estimated rate of 29.83% of income spent on housing rental costs is about 12% higher than the ZIP Code 07043 estimated rate of 26.28%.
9

Do renters in ZIP Code 07043 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 07043 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 07043 spending 30 percent or more of their income on rent costs (35.3%) is approximately 31% lower than the New Jersey rate of 51.4% that spend that much. In addition, the overall U.S. rate of 49.6% paying 30 percent or more of their income on rent costs is about 29% higher than the aforementioned 07043 rate of 35.3%.
10

What is the average household size of renter-occupied units in ZIP Code 07043?

The average household size of renter-occupied units in ZIP Code 07043 is lower than in the state of New Jersey overall. Annual household size of 2.19 in ZIP Code 07043 is about 12% lower than the New Jersey median of 2.50. Additionally, median household size in this Montclair, NJ region (2.19) is approximately 12% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other New Jersey ZIP Codes