Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,890 |
| 1 Bedroom | $4,100 |
| 2 Bedrooms | $4,460 |
| 3 Bedrooms | $5,640 |
| 4 Bedrooms | $6,190 |
| 5 Bedrooms | $7,180 |
| 6 Bedrooms | $8,042 |
| 7 Bedrooms | $8,685 |
| 8 Bedrooms | $9,119 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 10021 in New York, NY, for fiscal year 2024 is set at $4130. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit, which is subsidized by the government. It's important to note that this is not the actual rent that tenants will pay; they typically contribute about 30% to 40% of their income toward rent.
In comparison, the average market rent in ZIP 10021 is higher, at $4,097, according to the Zillow Rent Index (ZORI). Despite the slightly lower FMR, the high demand for rentals in the area, where 55.3% of residents are renters, ensures a steady stream of potential tenants. The competition for housing in this densely populated area is fierce, making it likely that a Section 8 property will be occupied quickly.
If you're looking to acquire a rental property in this ZIP code, you should be prepared for significant upfront costs. The median home value in ZIP 10021 is approximately $1,398,772, which reflects the high cost of real estate in this part of Manhattan. While this might seem daunting, the long-term stability of Section 8 tenancy can provide a reliable source of income, even if it's slightly below market rates.
Before proceeding with a Section 8 rental in ZIP 10021, it's crucial to verify that your property meets all the necessary requirements for the program. This includes ensuring that the unit passes a Housing Quality Standards (HQS) inspection, which checks for safety, habitability, and basic quality. The inspection is mandatory and must be passed before the property can be rented under the Section 8 program.
In summary, the FMR of $4130 for ZIP 10021 provides a clear guideline for the maximum rent you can charge for a Section 8 unit. Although this is below the local average rent of $4,097, the strong demand for rentals, driven by a high renter share, makes it a viable option. With an acquisition cost around $1,398,772, the initial investment is substantial, but the stability and reliability of Section 8 tenancy can make it worthwhile. Ensure your property meets HQS standards to avoid delays and complications.
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.