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Rental Insights for ZIP Code 07901 (Summit, NJ)

Housing Rentals in ZIP Code 07901 (Summit, NJ)

07901 ZIP Code in New Jersey

Learn About Housing Rentals in ZIP Code 07901

ZIP Code 07901 is primarily located in Summit, NJ in Union County. The estimated median housing rent in this region of New Jersey is $1,856 per month. About 31.9% of housing units in this Union County ZIP Code are renter-occupied. Additionally, the region has an approximate rental vacancy rate of 2.6%.

The median rent in ZIP Code 07901 of $1,856 per month is 39% higher than the aggregate New Jersey median monthly rent of $1,334, and is 75% higher than the $1,062 the median monthly rent in the U.S. overall. Approximately 40.3% of residents in ZIP Code 07901 pay between $1,500 and $1,999 per month for rent. That is 83% 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 2.1% of renters in ZIP Code 07901 pay less than $500 per month for housing.

ZIP Code 07901 Rental FAQs and Quick Facts

Monthly Rent in ZIP Code 07901

See the chart below for a comparison of monthly rental costs in ZIP Code 07901, New Jersey, and also in the U.S. as a whole.

This chart visualizes housing rental cost ranges in ZIP Code 07901 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 07901

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

Cost ZIP 07901 New Jersey U.S.
Less than $500 2.1% 8.0% 9.4%
$500 to $999 3.5% 16.0% 36.2%
$1,000 to $1,499 15.7% 38.7% 30.0%
$1,500 to $1,999 40.3% 22.0% 14.0%
$2,000 to $2,499 21.5% 8.5% 5.6%
$2,500 to $2,999 9.9% 3.6% 2.4%
$3,000 or more 7.0% 3.1% 2.4%

Rent Cost vs. Income in ZIP Code 07901

Renters in ZIP Code 07901 use an estimated 25.45% of their income to cover their monthly rent payments. That is about 16% 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 07901 renters use about 15% less of their income to cover rent expense. Household income figures for ZIP Code 07901 come in higher than in New Jersey as a whole. The median annual household income in ZIP Code 07901 of $154,688 sits approximately 87% higher than the overall New Jersey median income of $82,545 and approximately 146% higher than median income of $62,843 in the U.S. as a whole.

Rent as a Percentage of Income in ZIP Code 07901

See the chart below for a comparison of monthly rent cost vs. household income in ZIP Code 07901, 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 07901 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 07901

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

Rent Cost as % of Income ZIP 07901 New Jersey U.S.
Less than 15.0 percent 24.0% 12.1% 13.1%
15.0 to 19.9 percent 12.4% 12.4% 12.9%
20.0 to 24.9 percent 16.8% 12.6% 12.9%
25.0 to 29.9 percent 12.4% 11.6% 11.6%
30.0 to 34.9 percent 8.9% 9.0% 9.1%
35.0 percent or more 25.4% 42.4% 40.5%

Household Income in ZIP Code 07901

See the table below for the regional comparison of annual household income in ZIP Code 07901.

Income ZIP 07901 New Jersey U.S.
Less than $10,000 1.9% 4.9% 6.0%
$10,000 to $14,999 0.9% 3.2% 4.3%
$15,000 to $24,999 4.9% 7.1% 8.9%
$25,000 to $34,999 2.2% 6.9% 8.9%
$35,000 to $49,999 4.6% 9.4% 12.3%
$50,000 to $74,999 8.6% 14.6% 17.2%
$75,000 to $99,999 12.1% 12.1% 12.7%
$100,000 to $149,999 13.0% 17.7% 15.1%
$150,000 to $199,999 11.2% 10.1% 6.8%
$200,000 or more 40.7% 14.0% 7.7%

Household Income in ZIP Code 07901

See the chart below for a comparison of annual household income figures in ZIP Code 07901, New Jersey, and also in the U.S. overall.

This chart visualizes annual household income in ZIP Code 07901 alongside the same figures for the state of New Jersey and also for the entire U.S.

Miscellaneous Related Stats on ZIP Code 07901

See the table below for the regional comparison of miscellaneous data and information related to housing, rentals, and income in ZIP Code 07901.

ZIP 07901 New Jersey U.S.
Median Housing Rent $1,856 $1,334 $1,062
Renter-Occupied Housing Units 31.9% 36.1% 36.0%
Rental Vacancy Rate 2.6% 4.8% 6.0%
Average Size of Renter-Occupied Unit 2.47 2.50 2.49
Average # of Bedrooms Per Unit 3.34 2.75 2.75
Percent of Income Spent on Rent 25.45% 30.35% 29.83%
Per Capita Income $90,677 $42,745 $34,103
Median Household Income $251,672 $114,691 $88,607
Living Below the Poverty Line 2.3% 7.2% 9.5%

Summary of Rental-related Data and Stats for ZIP Code 07901

In ZIP Code 07901 (Summit, NJ), and estimated 31.9% of housing units are occupied by renters. This region has an approximate rental vacany rate of 2.6%.

The per capita income in 07901 is estimated at $90,677, which goes along with an estimated median household income of $251,672. About 2.3% of residents in this Union County region live below the poverty line.

Among renter-occupied units in this ZIP, the average occupancy is 2.47 occupants, while the units have an aggregate average size of 3.34 bedrooms per unit.

Renters in this ZIP-defined region spend an average of 25.45% of their income on housing rental costs.

Rental FAQs for ZIP Code 07901

1

What is the median monthly rent in ZIP Code 07901?

Median rent for housing in ZIP Code 07901 in Union County in New Jersey is approximately $1,856 per month.
2

Is it expensive to rent in ZIP Code 07901?

Rent in ZIP Code 07901 is higher than average in the state of New Jersey overall. The median monthly rent of $1,856 in ZIP Code 07901 is approximately 39% higher than the New Jersey median of $1,334. Additionally, median rent in this Summit, NJ region ($1,856) is about 75% higher than median monthly rent cost of $1,062 in the U.S. overall.
3

Are high-priced rentals common in ZIP Code 07901?

High-priced rentals are more common in ZIP Code 07901 than in New Jersey overall. The percentage of rentals in ZIP Code 07901 that cost $3,000 or more per month (7.0%) is about 126% 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 192% lower than the aforementioned 07901 rate of 7.0%.
4

Are affordable rentals common in ZIP Code 07901?

Affordable rentals are less common in ZIP Code 07901 than in New Jersey overall. The percentage of housing rentals in ZIP Code 07901 costing $999 or less per month (5.6%) is approximately 77% 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 88% higher than the previously mentioned 07901 rate of 5.6%.
5

What is the most common cost range that rentals fall into in ZIP Code 07901?

The most common range for rental cost in ZIP Code 07901 is between $1,500 and $1,999 per month. About 40.3% of renters in 07901 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 07901 have a high rental vacancy rate?

The rental vacancy rate in ZIP Code 07901 is lower than the rental vacancy rate in the state of New Jersey overall. Rental vacancy of 2.6% in ZIP Code 07901 is about 46% lower than the New Jersey rate of 4.8%. Looking more broadly, rental vacancy in this Summit, NJ region (2.6%) is an estimated 57% 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 07901? How does it compare to other New Jersey regions?

Median household income in ZIP Code 07901 is higher than in the state of New Jersey overall. Annual household income of $154,688 in ZIP Code 07901 is about 87% higher than the New Jersey median of $82,545. Additionally, median household income in this Summit, NJ region ($154,688) is approximately 146% 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 07901 spend on housing costs?

Renters in ZIP Code 07901 spend a lower amount of their income on rent costs than do renters in New Jersey overall. Renters in ZIP Code 07901 spend an estimated 25.45% of their income on rent payments, which is about 16% 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 15% higher than the ZIP Code 07901 estimated rate of 25.45%.
9

Do renters in ZIP Code 07901 typically spend a large portion of their income on rent payments?

It is uncommon for renters in ZIP Code 07901 to spend a large portion of their income on monthly housing. The percentage of renters in ZIP Code 07901 spending 30 percent or more of their income on rent costs (34.3%) is approximately 33% 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 31% higher than the aforementioned 07901 rate of 34.3%.
10

What is the average household size of renter-occupied units in ZIP Code 07901?

The average household size of renter-occupied units in ZIP Code 07901 is lower than in the state of New Jersey overall. Annual household size of 2.47 in ZIP Code 07901 is about 1% lower than the New Jersey median of 2.50. Additionally, median household size in this Summit, NJ region (2.47) is approximately 1% lower than median household size of 2.49 in the U.S. as a whole.

Rental Insights for other New Jersey ZIP Codes