Section 8 Fair Market Rent (FMR) for ZIP 10156 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 10156 in fiscal year 2024 is set at $3450. This figure represents the maximum amount that a landlord can receive from the Section 8 program for a given unit, regardless of the actual rent charged to the tenant. It's important to note that this is not the rent you will charge your tenants, but rather the benchmark used by the government to determine the housing assistance payment.

In ZIP 10156, the local median rent is currently listed as N/A, which makes it difficult to directly compare the FMR to typical market rents. However, the N/A% of residents who rely on rental assistance indicates a significant portion of the population that might be interested in Section 8 housing. This suggests a potential demand for properties that accept Section 8 vouchers.

The average property acquisition cost in the area is also noted as N/A. While this doesn't provide a precise figure, it does highlight the need to research local real estate values to ensure that any investment aligns with your financial goals. The acquisition cost will be crucial in determining whether the FMR of $3450 provides a reasonable return on investment.

Before proceeding with a Section 8 rental, it is critical to verify that your property meets the Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD). These standards ensure that the home is safe, decent, and sanitary for tenants. Passing this inspection is non-negotiable and will allow you to participate in the program.

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.