Section 8 Fair Market Rent (FMR) for ZIP 10039 - 2027

Location: New York, NY | Metro: New York, NY HUD Metro FMR Area

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,280
1 Bedroom	$2,390
2 Bedrooms	$2,620
3 Bedrooms	$3,280
4 Bedrooms	$3,570
5 Bedrooms	$4,141
6 Bedrooms	$4,638
7 Bedrooms	$5,009
8 Bedrooms	$5,259

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

32,492

Median Household Income

$45,371

Housing Units

14,049

Renter Percentage

86.3%

Occupancy Rate

92.3%

Renter Occupied

11,195

The economics of Section 8 in ZIP code 10039 operate under specific financial guidelines designed to support affordable housing. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $2210. This figure is crucial because it represents the maximum amount that the federal government will reimburse landlords for participating in the Housing Choice Voucher program in this specific ZIP code.

In contrast, the local market rent for a similar unit is higher, standing at $3,011, according to ZORI (Zillow Observed Rent Index). This discrepancy highlights the challenge faced by landlords who participate in the Section 8 program, as they must balance their rental income against the local market rates.

To understand how the voucher system works, consider the following components:

Tenant Portion: Tenants typically pay 30% of their adjusted income towards rent. If we assume an average adjusted income of $2,000 per month, the tenant's contribution would be around $600.
Voucher Reimbursement: The government covers the difference between the tenant’s payment and the SAFMR. In this case, the reimbursement would be $2210 minus the tenant’s $600, which equals $1610.
Utility Allowances: Additional utility allowances are sometimes included in the voucher, but these vary and are usually not significant enough to close the gap between the SAFMR and the local market rent.

Given these factors, landlords in ZIP 10039 who accept Section 8 vouchers for a two-bedroom apartment will receive a total of $2210 per month, consisting of the tenant’s $600 contribution and the government’s $1610 reimbursement. However, this amount falls short of the local market rent of $3,011, leaving a reimbursement gap of $801 per month.

This gap means that landlords must either adjust their expectations and accept lower rents or find ways to reduce their costs to remain financially viable. Despite the challenges, the program offers stability and a guaranteed source of income, which can be attractive to landlords looking for consistent tenants.

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.