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 |
ZIP code 10117 falls within the New York, NY HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $3450. This figure is crucial for landlords and investors considering properties within this area.
To contextualize 10117's FMR, it's important to note that the typical FMR for ZIP codes within the New York, NY HUD Metro FMR Area can vary widely. However, given that 10117's FMR is $3450, it suggests that this ZIP code is aligned with the average or slightly above average FMR for the broader metro area. This positioning indicates that 10117 is likely a mid-tier neighborhood within the metro, offering neither the lowest nor the highest rents but maintaining a competitive edge in terms of affordability and desirability.
The lack of specific market rent and home value data for ZIP 10117 means we cannot directly compare these metrics to the typical ZIP codes within the New York, NY HUD Metro FMR Area. However, the absence of such data could imply that 10117 might be an outlier or less studied compared to other areas. It could also suggest that the housing market in this ZIP is unique or less established, which could present opportunities for savvy investors looking for undervalued properties.
The unknown percentage of renter share further complicates direct comparisons but does not necessarily indicate a disadvantage. In many cases, a higher-than-average renter share coupled with below-average home values can signal a sweet spot for Section 8 participation, as it often attracts a larger number of renters who qualify for federal assistance programs. Since the renter share data is missing, we cannot definitively state whether 10117 fits this profile, but the potential for a significant renter base remains a positive inference.
In summary, ZIP 10117 appears to be a mid-tier neighborhood within the New York, NY HUD Metro FMR Area, with an FMR of $3450 that aligns well with the broader metro. The lack of detailed market rent and home value data presents both challenges and opportunities for investors, while the potential for a high renter share could make it a valuable consideration for those interested in Section 8 properties.
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.