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 |
The rent math in ZIP 10118 does not provide clear insights due to the lack of specific market rent data. The Fair Market Rent (FMR) set by HUD for this area in fiscal year 2024 is $3450. However, without comparative market rent figures, it's challenging to determine if this aligns with what tenants are willing to pay.
Regarding acquisition affordability, the analysis is hampered by missing data on the median home value, days on market (DOM), and the percentage of homes that require price cuts. These metrics are crucial for understanding the cost of acquiring properties and the competitiveness of the local real estate market.
Tenant demand in ZIP 10118 also remains unclear due to unavailable data on the total population and the percentage of renters. Such information would help gauge the size of the potential tenant pool and the proportion of residents likely to seek rental accommodations.
Verdict: A comprehensive analysis of ZIP 10118's suitability for Section 8 real-estate investment is currently unfeasible due to insufficient data on market rents, median home values, DOM, price-cut percentages, and demographic details. To make an informed decision, landlords and small-portfolio investors must seek out these specifics to evaluate the financial viability and tenant demand accurately.
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.