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ZIP Code · NJ

ZIP 07940

Part of Madison, NJ
Pop. 17,610·Morris County·23rd most expensive ZIP in New Jersey
Median rent (all units)
$3,354/mo
Year-over-Year
+20.3%
Month-over-Month
-1.1%
vs US Median
+$1,389
Falling (Monthly)
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Most AffordableMost Expensive
ZIP 07940 · $3,354
More expensive than 94% of US ZIP codes · National median $1,965/mo
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Medians by bedroom

Rent by unit size

Studio
$2,220
1 BR
$2,510
2 BR
$3,040
3 BR
$3,810
4 BR+
$4,320
Research median
$3,040/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
$40,248/yr
At $3,354/mo median
Location
StateNJ
CountyMorris County
Rent Market Meter
Strong Landlord's Market
Renter's MarketBalancedLandlord's Market
Rents are up 20.3% year-over-year. Expect competition, and move quickly to lock in terms.
Based on rent-price momentum (+20.3% YoY, -1.1% MoM), not inventory.
Demographics

Who lives here

ZIP 07940 (Madison, NJ) is majority owner-occupied, has a median income above the national average, 74.2% of residents hold a bachelor's degree or higher.

Population
17,610
Median income
$172,708
Median age
35.3
Renters
36%
Age distribution
21.7%
28%
24.6%
13.1%
12.6%
Under 1821.7%
18–3428%
35–5424.6%
55–6413.1%
65+12.6%
Gender
47.8%
52.2%
Male47.8%
Female52.2%
Race & ethnicity
74.5%
13.5%
White74.5%
Black2.7%
Hispanic13.5%
Asian6.3%
Other2.9%
Education (25+)
13.5%
74.2%
No HS diploma2.9%
HS diploma13.5%
Some college9.5%
Bachelor's+74.2%
Housing tenure
64%
36%
Owner64%
Renter36%

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

2021 vs 2026

How ZIP 07940 in Madison, NJ has changed in 5 years

Income
$152,469 → $172,708
up 13.3%
Population
18,054 → 17,610
down 2.5%
Renter share
35.8% → 36%
+0.2 pts
Bachelor's+
69.8% → 74.2%
+4.4 pts
Median age
36.1 → 35.3
-0.8 yrs

Local incomes tracked alongside that move, going from a median of $152,469 in 2021 to $172,708 more recently. Census counts show ZIP 07940 in Madison, NJ losing about 444 residents over the five-year window, down 2.5% on net. Bachelor's-degree-or-higher attainment moved from 69.8% to 74.2% across the same window.

Community

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Local insights

Tips for renters in ZIP 07940

About renting in ZIP 07940

Last updated: July 20, 2026

ZIP code 07940 covers Madison, NJ. The median rent here is $3,354/mo as of July 2026. A 1-bedroom rents for a median of $2,510/mo. A 2-bedroom rents for a median of $3,040/mo.

At 23% of local median household income ($172,708/yr), ZIP 07940 ranks as affordable compared to the national benchmark of 30%. Rents have increased 20.3% over the past year.

FAQ

Frequently asked questions

How much is rent in ZIP code 07940?

As of July 20, 2026, the median monthly rent in ZIP 07940 (Madison, NJ) is $3,354. This is based on aggregated data from public sources and community submissions.

How does ZIP 07940 rent compare to the US average?

ZIP 07940's median rent of $3,354/mo is $1,389 (71%) above the US national median of $1,965/mo.

How does ZIP 07940 compare to other ZIPs in New Jersey?

ZIP 07940 is one of the pricier ZIP codes in New Jersey, ranking #23 out of 212 ZIPs tracked at $3,354/mo.

How much income do you need to rent in ZIP 07940?

To keep rent at or below 30% of gross income, you would need to earn at least $134,000/year (~$64/hour full-time) to afford the median rent of $3,354/mo in ZIP 07940. The local median household income is $172,708/yr, meaning the typical household meets that threshold.

Is rent going up or down in ZIP 07940?

Rent in ZIP 07940 has increased 20.3% over the past year as of July 20, 2026, putting upward pressure on renter budgets.

Is ZIP 07940 an affordable place to rent?

ZIP 07940 is considered very affordable for renters. At $3,354/mo, rent takes approximately 23% of the local median household income ($172,708/yr). The standard benchmark is 30%. ZIP 07940 falls comfortably within that range.

What percentage of ZIP 07940 residents rent vs. own?

According to Census data, approximately 36% of ZIP 07940 households are renters, while 64% are owner-occupied. ZIP 07940 leans toward homeownership, which can mean a smaller rental inventory.

How does ZIP 07940 compare to the rest of Madison?

ZIP 07940 sits right at the Madison citywide median of $3,354/mo.

When was rent data for ZIP 07940 last updated?

Rent data for ZIP 07940 reflects July 20, 2026. RentDataNow refreshes all data monthly using public and private datasets.
Income Affordability
23%
VERY AFFORDABLE

At $3,354/mo, rent takes ~23% of ZIP 07940's median household income ($172,708/yr). The standard benchmark is 30%.

ZIP 07940 23%Benchmark 30%
State income tax1.4–10.75%
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Schools nearby

Public schools near ZIP 07940 (Madison, NJ)

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