Section 8 Fair Market Rent (FMR) for ZIP 10115 - 2027

FY 2027 Fair Market Rent Rates

The zip code 10115, located in New York City, is a prime area known for its upscale living conditions and proximity to various cultural attractions and business hubs. This location offers significant opportunities for real estate investors, particularly those interested in Section 8 housing programs.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 10115 for fiscal year 2024 is set at $3450. This figure represents the maximum amount that a landlord can charge for a rental unit under the Section 8 program, ensuring a stable and predictable income source.
• Although the specific market rent data for ZIP 10115 is currently unavailable, it is reasonable to expect that the actual market rents exceed the FMR due to the area's high demand and limited supply.
• The median home value in ZIP 10115 is not available, but given the location's desirability, it suggests a robust property market that could benefit from strategic investment in rental properties.
• The percentage of residents who are renters in this area is not specified, yet it is likely high due to the urban setting and expensive real estate market, which supports a strong rental market.
• The Days on Market (DOM) data is also not available, but in such a competitive area, properties typically sell quickly, indicating a healthy real estate turnover rate.
• The median household income for ZIP 10115 is unspecified, but considering the area's status, it is likely above average, which could translate into a good tenant pool capable of meeting rental obligations.

For landlords and small-portfolio investors looking to enter ZIP 10115, the established FMR of $3450 provides a solid baseline for rental pricing under the Section 8 program. The area's reputation for high market rents and upscale living conditions suggests potential for higher returns outside of subsidized housing. A strong rental market, indicated by the likely high renter share, and quick sales, implied by a low DOM, make this location attractive for those willing to navigate the complexities of urban real estate. While specific income data is missing, the overall desirability of the area points towards a viable investment opportunity, especially when leveraging the security of Section 8 contracts against the backdrop of a potentially lucrative non-subsidized rental market.

Data Sources: FMR data from HUD (2027).

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.