ZIP Code · NJ

ZIP 07960

Part of Morristown, NJ

Pop. 46,702·Morris County·26th most expensive ZIP in New Jersey

Median rent (all units)

$3,125/mo

Year-over-Year

+2.1%

Month-over-Month

+0.1%

vs US Median

+$1,193

Reported rents

Stable (Monthly)

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Most AffordableMost Expensive

ZIP 07960 · $3,125

More expensive than 92% of US ZIP codes · National median $1,932/mo

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Medians by bedroom

Rent by unit size

Studio

$2,370

1 BR

$2,680

2 BR

$3,240

3 BR

$4,060

4 BR+

$4,610

Research median

$3,240/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

Cheapest month to sign

January. Asking rents in ZIP 07960 usually run 0.7% below trend in January and 0.6% above it in October, about $41 a month apart at today's median. Based on 9 years of data.

Compared with the peak

Rent in ZIP 07960 is at its highest level since Zillow's records here began in January 2017.

Past year vs. the rest of New Jersey

Rent in ZIP 07960 changed +2.1% over the year to September 2026. Across the 149 New Jersey ZIP codes Zillow tracks, the typical change was +2.8%.

Rent vs. income since 2019

From 2019 to 2024, rent in ZIP 07960 rose 22.8% while median household income rose 27.5% ($125,744 to $160,334). Income kept ahead of rent.

Since before the pandemic

Rent in ZIP 07960 is 31.1% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.

Recent direction

Rent has risen 6 months in a row, and rose in 10 of the last 12 months.

What a typical income covers

30% of the median household income ($160,334) is $4,008 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($3,240); a 3-bedroom is $4,060.

Cheaper nearby

ZIP 07869, 6 miles away, rents for 28% less ($2,241/mo), about $10,600 a year in savings.

From Zillow's monthly rent index (ZORI) for ZIP 07960. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.

Annual cost

$37,500/yr

At $3,125/mo median

Location

CityMorristown

StateNJ

CountyMorris County

Rent Market Meter

Landlord's Market

Renter's MarketBalancedLandlord's Market

Rents are climbing (2.1% YoY), so leverage tilts toward landlords. Act sooner rather than later.

Based on rent-price momentum (+2.1% YoY, +0.1% MoM), not inventory.

Demographics

Who lives here

ZIP 07960 (Morristown, NJ) is majority owner-occupied, has a median income above the national average, 67.9% of residents hold a bachelor's degree or higher.

Population

46,702

Median income

$160,334

Median age

Renters

37.5%

Age distribution

19.5%

24.1%

25.7%

13.1%

17.6%

Under 1819.5%

18–3424.1%

35–5425.7%

55–6413.1%

65+17.6%

Gender

50%

Male50%

Female50%

Race & ethnicity

67.7%

19%

White67.7%

Black4.8%

Hispanic19%

Asian5%

Other3.6%

Education (25+)

13.3%

12.8%

67.9%

No HS diploma6%

HS diploma13.3%

Some college12.8%

Bachelor's+67.9%

Housing tenure

62.5%

37.5%

Owner62.5%

Renter37.5%

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

2021 vs 2026

How ZIP 07960 in Morristown, NJ has changed in 5 years

Rent

$2,371 → $3,125

up 31.8%

Income

$147,949 → $160,334

up 8.4%

Population

46,463 → 46,702

up 0.5%

Renter share

38.2% → 37.5%

-0.7 pts

Bachelor's+

66.6% → 67.9%

+1.3 pts

Five years ago, renters in ZIP 07960 in Morristown, NJ paid around $2,371 a month. That figure now sits near $3,125, up 31.8% from the 2021 baseline. Median household income climbed from $147,949 to $160,334 between 2021 and 2024, a 8.4% shift. Because rent grew faster than wages over the same span, the affordability picture has tightened relative to 2021. Taken together, the five-year picture in ZIP 07960 in Morristown, NJ reflects how housing costs and the people paying them have evolved through a stretch that included a pandemic, a hot rental market, and a recent cooling phase.

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About renting in ZIP 07960

Last updated: October 17, 2026

ZIP code 07960 covers Morristown, NJ. The median rent here is $3,125/mo as of October 2026. A 1-bedroom rents for a median of $2,680/mo. A 2-bedroom rents for a median of $3,240/mo.

At 23% of local median household income ($160,334/yr), ZIP 07960 ranks as affordable compared to the national benchmark of 30%. Rents have increased 2.1% over the past year.

FAQ

Frequently asked questions

How much income do you need to rent in ZIP 07960?

To keep rent at or below 30% of gross income, you would need to earn at least $125,000/year (about $60/hour full-time) to afford the median rent of $3,125/mo in ZIP 07960. The local median household income is $160,334/yr, so the typical household meets that bar.

Is rent going up or down in ZIP 07960?

Rent in ZIP 07960 has risen 2.1% over the past year as of September 2026. That is the highest level since Zillow's records here began in January 2017.

When is the cheapest time to rent in ZIP 07960?

Asking rents in ZIP 07960 are usually lowest in January, about 0.7% below their yearly trend, and highest in October, about 0.6% above it. At today's median that is a gap of roughly $41 a month. This pattern comes from 9 years of Zillow rent data.

Has rent outpaced income in ZIP 07960?

No. From 2019 to 2024, rent in ZIP 07960 rose 22.8% while median household income rose 27.5%, from $125,744 to $160,334. Rent is Zillow's yearly average; income is the Census 5-year estimate for the same years.

How does ZIP 07960 compare to other ZIPs in New Jersey?

ZIP 07960 is one of the pricier among New Jersey ZIP codes for rent, ranking #26 of 209 at $3,125/mo. Over the year to September 2026, rent in ZIP 07960 changed +2.1%, against a typical +2.8% across the 149 New Jersey ZIP codes Zillow tracks.