ZIP Code · NJ

ZIP 07054

Part of Parsippany, NJ

Pop. 29,480·Morris County·59th most expensive ZIP in New Jersey

Median rent (all units)

$2,832/mo

Year-over-Year

+2.9%

Month-over-Month

+0.6%

vs US Median

+$900

Reported rents

Rising (Monthly)

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Most AffordableMost Expensive

ZIP 07054 · $2,832

More expensive than 87% of US ZIP codes · National median $1,932/mo

Rent check

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Compare your rent to the local median.

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: October 17, 2026

From the history

What the numbers show

Compared with the peak

Rent in ZIP 07054 is at its highest level since Zillow's records here began in December 2021.

Past year vs. the rest of New Jersey

Rent in ZIP 07054 changed +2.9% over the year to September 2026. Across the 149 New Jersey ZIP codes Zillow tracks, the typical change was +2.8%.

Recent direction

Rent rose in 8 of the last 12 months.

What a typical income covers

30% of the median household income ($104,214) is $2,605 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($2,580); a 3-bedroom is $3,230.

Cheaper nearby

ZIP 07005, 6 miles away, rents for 11% less ($2,523/mo), about $3,700 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 07054. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$33,984/yr

At $2,832/mo median

Location

CityParsippany

StateNJ

CountyMorris County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.9% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.9% YoY, +0.6% 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

2022 vs 2026

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

Rent

$2,298 → $2,832

up 23.2%

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

The median rent in ZIP 07054 in Parsippany, NJ stood at $2,298 in 2022 and currently runs about $2,832, reflecting a 23.2% increase over the period. Census figures show median household income at $104,214 today, compared with $100,778 five years earlier. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has contracted by 3.9% since 2021, moving from about 30,692 residents to roughly 29,480. The combined trend lines point to a market that has changed measurably from where it stood in early 2022.

Community

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Local insights

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About renting in ZIP 07054

Last updated: October 17, 2026

ZIP code 07054 covers Parsippany, NJ. The median rent here is $2,832/mo as of October 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 2.9% over the past year.

FAQ

Frequently asked questions

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 $113,000/year (about $54/hour full-time) to afford the median rent of $2,832/mo in ZIP 07054. The local median household income is $104,214/yr, so the typical household falls short of that bar.

Is rent going up or down in ZIP 07054?

Rent in ZIP 07054 has risen 2.9% over the past year as of September 2026. That is the highest level since Zillow's records here began in December 2021.

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

ZIP 07054 is one of the pricier among New Jersey ZIP codes for rent, ranking #59 of 209 at $2,832/mo. Over the year to September 2026, rent in ZIP 07054 changed +2.9%, against a typical +2.8% across the 149 New Jersey ZIP codes Zillow tracks.