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ZIP Code · NJ

ZIP 07005

Part of Boonton, NJ
Pop. 15,307·Morris County·46th most expensive ZIP in New Jersey
Median rent (all units)
$3,003/mo
Year-over-Year
Stable
Month-over-Month
-4.1%
vs US Median
+$1,038
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 07005 · $3,003
More expensive than 90% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,780
1 BR
$2,010
2 BR
$2,430
3 BR
$3,040
4 BR+
$3,460
Research median
$2,430/mo

Bedroom estimates are gross rents that include essential utilities (electricity, water, gas, sewer, trash).

Rent trends

12-month history

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Last updated: July 20, 2026

Annual cost
$36,036/yr
At $3,003/mo median
Location
StateNJ
CountyMorris County
Rent Market Meter
Strong Renter's Market
Renter's MarketBalancedLandlord's Market
Rents are down 0.0% year-over-year. Push hard on price, concessions, and lease terms.
Based on rent-price momentum (+0.0% YoY, -4.1% MoM), not inventory.
Demographics

Who lives here

ZIP 07005 (Boonton, NJ) is majority owner-occupied, has a median income above the national average, 57.1% of residents hold a bachelor's degree or higher.

Population
15,307
Median income
$132,629
Median age
41.5
Renters
25.2%
Age distribution
23.2%
16.6%
28.1%
14.4%
17.8%
Under 1823.2%
18–3416.6%
35–5428.1%
55–6414.4%
65+17.8%
Gender
52.6%
47.4%
Male52.6%
Female47.4%
Race & ethnicity
75.6%
White75.6%
Black3.2%
Hispanic11.6%
Asian7.4%
Other2.1%
Education (25+)
20.1%
19.4%
57.1%
No HS diploma3.5%
HS diploma20.1%
Some college19.4%
Bachelor's+57.1%
Housing tenure
74.8%
25.2%
Owner74.8%
Renter25.2%

Source: U.S. Census Bureau · ACS 2024 5-Year Estimates

2021 vs 2026

How ZIP 07005 in Boonton, NJ has changed in 5 years

Income
$110,350 → $132,629
up 20.2%
Population
14,912 → 15,307
up 2.6%
Renter share
30.4% → 25.2%
-5.2 pts
Bachelor's+
53.4% → 57.1%
+3.7 pts
Median age
43.2 → 41.5
-1.7 yrs

Household income in the area moved from $110,350 to $132,629 across the same window, up 20.2% versus 2021. The population has grown by 2.6% since 2021, moving from about 14,912 residents to roughly 15,307. Renters now make up 25.2% of households, compared with 30.4% five years ago. College-educated residents now make up 57.1% of adults here, versus 53.4% in 2021.

Community

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Local insights

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About renting in ZIP 07005

Last updated: July 20, 2026

ZIP code 07005 covers Boonton, NJ. The median rent here is $3,003/mo as of July 2026. A 1-bedroom rents for a median of $2,010/mo. A 2-bedroom rents for a median of $2,430/mo.

At 27% of local median household income ($132,629/yr), ZIP 07005 ranks as affordable compared to the national benchmark of 30%. Rent prices have stayed steady over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 07005?

As of July 20, 2026, the median monthly rent in ZIP 07005 (Boonton, NJ) is $3,003. This is based on aggregated data from public sources and community submissions.

How does ZIP 07005 rent compare to the US average?

ZIP 07005's median rent of $3,003/mo is $1,038 (53%) above the US national median of $1,965/mo.

How does ZIP 07005 compare to other ZIPs in New Jersey?

ZIP 07005 is one of the pricier ZIP codes in New Jersey, ranking #46 out of 212 ZIPs tracked at $3,003/mo.

How much income do you need to rent in ZIP 07005?

To keep rent at or below 30% of gross income, you would need to earn at least $120,000/year (~$58/hour full-time) to afford the median rent of $3,003/mo in ZIP 07005. The local median household income is $132,629/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 07005?

Rent in ZIP 07005 has been relatively stable over the past year, with a 0.0% change year over year as of July 20, 2026.

Is ZIP 07005 an affordable place to rent?

ZIP 07005 is considered affordable for renters. At $3,003/mo, rent takes approximately 27% of the local median household income ($132,629/yr). The standard benchmark is 30%. ZIP 07005 falls comfortably within that range.

What percentage of ZIP 07005 residents rent vs. own?

According to Census data, approximately 25.2% of ZIP 07005 households are renters, while 74.8% are owner-occupied. ZIP 07005 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 07005 compare to the rest of Boonton?

ZIP 07005 is pricier than Boonton as a whole. At $3,003/mo, it's $40 above the Boonton citywide median of $2,963/mo.

When was rent data for ZIP 07005 last updated?

Rent data for ZIP 07005 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
27%
AFFORDABLE

At $3,003/mo, rent takes ~27% of ZIP 07005's median household income ($132,629/yr). The standard benchmark is 30%.

ZIP 07005 27%Benchmark 30%
State income tax1.4–10.75%
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Schools nearby

Public schools near ZIP 07005 (Boonton, NJ)

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