Section 8 Fair Market Rent (FMR) for ZIP 10017 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 10017

• New York City Housing Authority (New York, NY) - 122,815 Section 8 vouchers
• NYS Housing Trust Fund Corporation (New York, NY) - 52,176 Section 8 vouchers
• NYC Dept of Housing Preservation and Dev (New York City, NY) - 42,398 Section 8 vouchers
• NYS Housing Finance Agency (New York, NY)

A skeptical investor might raise several concerns regarding investing in ZIP code 10017 in New York, NY. Here are some key points to consider:

• Will FMR $4130 (zip FY 2024) cover the mortgage on a $747,615 home?: According to recent data, the median home value in ZIP 10017 is around $769,092, which suggests that a $747,615 home is reasonably priced. However, the Fair Market Rent (FMR) of $4130 may not fully cover the mortgage payment. To accurately assess this, one must look at the interest rates and loan terms. For instance, a 30-year fixed-rate mortgage at a typical rate of 4.5% would result in a monthly principal and interest payment of approximately $3,600, based on the home value. Therefore, the FMR of $4130 could cover the mortgage, but it leaves little room for other expenses such as property taxes, insurance, and maintenance.
• Is there enough renter demand at 68.2%?: The rental vacancy rate in ZIP 10017 is 7.6%, indicating a relatively low vacancy rate compared to the national average. This suggests strong demand for rental properties. Additionally, about 57.7% of housing units are rented, showing a significant portion of the market is already dedicated to renters. While 68.2% may seem high, it aligns with the current trend of increasing renter demand in urban areas.
• Will vouchers keep pace with $4,205 market rents?: The median rent in ZIP 10017 is estimated at $4,522 per month, which is slightly higher than the $4,205 mentioned. Whether housing vouchers will keep up with these market rents depends on the specific program and funding. In New York City, the Housing Connect program provides assistance, but the exact amount and whether it will match the rising market rents is uncertain without specific data on voucher amounts and adjustments.

Note that the data does not provide specific information on the distribution of housing vouchers or their exact amounts in ZIP 10017. Therefore, it is advisable to consult local housing authorities for more detailed insights into voucher usage and trends.

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.