Section 8 Fair Market Rent (FMR) for ZIP 10122 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP 10122, which stands at $3450 for fiscal year 2024, is a benchmark set by the U.S. Department of Housing and Urban Development (HUD). This figure represents the maximum amount that landlords can charge for rent under the Section 8 program, not the actual rent that will be paid by individual tenants. It is important to note that this is the payment standard, meaning that HUD will pay up to this amount on behalf of eligible tenants.

While the FMR provides a cap on what you can charge, it does not necessarily reflect the typical rent levels in ZIP 10122. According to recent data, the median home value in this area is currently listed as $900,000, indicating a high-value real estate market. However, since we are focusing on rentals, it's crucial to understand the local rental demand and costs.

The renter share in ZIP 10122 is approximately 70%, suggesting a robust demand for rental properties. This high percentage means that a significant portion of residents prefer renting over owning, which could translate into a steady stream of potential tenants for your property.

To acquire a property in this ZIP code, expect to pay around the median home value of $900,000. This figure gives an idea of the investment required to enter the market, although it may vary depending on the type and condition of the property.

Before committing to a Section 8 rental, verify the physical condition of the property against HUD’s Housing Quality Standards (HQS). These standards ensure that the rental unit is safe, decent, and sanitary for occupancy. Meeting these criteria is essential to qualify for the program and avoid potential penalties or contract termination.

In summary, while the FMR of $3450 sets the limit for Section 8 payments, the strong rental demand and high property values in ZIP 10122 present a unique opportunity for landlords. Ensure your property meets HQS to avoid any issues and to secure a spot in this competitive 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.