Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,210 |
| 1 Bedroom | $3,380 |
| 2 Bedrooms | $3,680 |
| 3 Bedrooms | $4,660 |
| 4 Bedrooms | $5,100 |
| 5 Bedrooms | $5,916 |
| 6 Bedrooms | $6,626 |
| 7 Bedrooms | $7,156 |
| 8 Bedrooms | $7,514 |
U.S. Census Bureau data (2024)
The ZIP code 10004 in New York County stands out due to its high median home value at $1,220,548, significantly above the national average. This area is also characterized by a substantial rental population, with 56.8% of its 3,711 residents living in rented accommodations. Despite the high cost of living, the median income in the area is relatively strong at $250,001.
For landlords and small-portfolio investors, the voucher economics present an opportunity. The Fair Market Rent (FMR) for ZIP 10004 in fiscal year 2024 is set at $4,130, which is notably lower than the market rent, as indicated by the Zillow Observed Rental Index (ZORI), currently at $4,831. This disparity means that landlords accepting Section 8 vouchers can still achieve a reasonable profit margin while providing affordable housing options to tenants.
When evaluating the data signature of ZIP 10004, it reads as stable. The combination of a high median home value, a significant portion of renters, and a robust median income suggests that the area has established itself as a desirable location with a consistent demand for both ownership and rental properties. This stability is further reinforced by the presence of a reliable source of rental income through Section 8 vouchers, making it a favorable investment choice for those interested in the real estate market within this part of New York City.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.