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ZIP Code · NJ

ZIP 07054

Pop. 29,480·Morris County·59th most expensive ZIP in New Jersey
Median rent (all units)
$2,900/mo
Year-over-Year
+13.2%
Month-over-Month
Stable
vs US Median
+$935
Stable (Monthly)
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Most AffordableMost Expensive
ZIP 07054 · $2,900
More expensive than 88% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$1,890
1 BR
$2,130
2 BR
$2,580
3 BR
$3,230
4 BR+
$3,670
Research median
$2,580/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
$34,800/yr
At $2,900/mo median
Location
StateNJ
CountyMorris County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 13.2% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+13.2% YoY, -0.1% MoM), not inventory.
Demographics

Who lives here

ZIP 07054 (Parsippany, NJ) is roughly split between renters and owners, has a median income above the national average, 61.4% of residents hold a bachelor's degree or higher.

Population
29,480
Median income
$104,214
Median age
41.8
Renters
50.3%
Age distribution
17.2%
21.7%
26.7%
14.7%
19.7%
Under 1817.2%
18–3421.7%
35–5426.7%
55–6414.7%
65+19.7%
Gender
50.4%
49.6%
Male50.4%
Female49.6%
Race & ethnicity
42.2%
43.3%
White42.2%
Black4.1%
Hispanic8.9%
Asian43.3%
Other1.3%
Education (25+)
16%
15.1%
61.4%
No HS diploma7.4%
HS diploma16%
Some college15.1%
Bachelor's+61.4%
Housing tenure
49.7%
50.3%
Owner49.7%
Renter50.3%

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

2021 vs 2026

How ZIP 07054 in Parsippany, NJ has changed in 5 years

Income
$100,778 → $104,214
up 3.4%
Population
30,692 → 29,480
down 3.9%
Renter share
49.9% → 50.3%
+0.4 pts
Bachelor's+
61.1% → 61.4%
+0.3 pts
Median age
39.8 → 41.8
+2.0 yrs

Census figures show median household income at $104,214 today, compared with $100,778 five years earlier. The population has contracted by 3.9% since 2021, moving from about 30,692 residents to roughly 29,480.

Community

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Local insights

Tips for renters in ZIP 07054

About renting in ZIP 07054

Last updated: July 20, 2026

ZIP code 07054 covers Parsippany, NJ. The median rent here is $2,900/mo as of July 2026. A 1-bedroom rents for a median of $2,130/mo. A 2-bedroom rents for a median of $2,580/mo.

At 33% of local median household income ($104,214/yr), ZIP 07054 ranks as moderate compared to the national benchmark of 30%. Rents have increased 13.2% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 07054?

As of July 20, 2026, the median monthly rent in ZIP 07054 (Parsippany, NJ) is $2,900. This is based on aggregated data from public sources and community submissions.

How does ZIP 07054 rent compare to the US average?

ZIP 07054's median rent of $2,900/mo is $935 (48%) above the US national median of $1,965/mo.

How does ZIP 07054 compare to other ZIPs in New Jersey?

ZIP 07054 is one of the pricier ZIP codes in New Jersey, ranking #59 out of 212 ZIPs tracked at $2,900/mo.

How much income do you need to rent in ZIP 07054?

To keep rent at or below 30% of gross income, you would need to earn at least $116,000/year (~$56/hour full-time) to afford the median rent of $2,900/mo in ZIP 07054. The local median household income is $104,214/yr, meaning the typical household falls short of that threshold.

Is rent going up or down in ZIP 07054?

Rent in ZIP 07054 has increased 13.2% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 07054 an affordable place to rent?

ZIP 07054 is considered moderate for renters. At $2,900/mo, rent takes approximately 33% of the local median household income ($104,214/yr). The standard benchmark is 30%. ZIP 07054 slightly exceeds that threshold, so budgeting carefully matters here.

What percentage of ZIP 07054 residents rent vs. own?

According to Census data, approximately 50.3% of ZIP 07054 households are renters, while 49.7% are owner-occupied. With a majority renter population, ZIP 07054 has a strong rental market.

How does ZIP 07054 compare to the rest of Parsippany?

ZIP 07054 is more affordable than Parsippany overall. At $2,900/mo, it's $25 below the Parsippany citywide median of $2,925/mo.

When was rent data for ZIP 07054 last updated?

Rent data for ZIP 07054 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
33%
MODERATE

At $2,900/mo, rent takes ~33% of ZIP 07054's median household income ($104,214/yr). The standard benchmark is 30%.

ZIP 07054 33%Benchmark 30%
State income tax1.4–10.75%
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Schools nearby

Public schools near ZIP 07054 (Parsippany, NJ)

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