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 10157 falls within the New York, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 10157 is set at $3450 for fiscal year 2024. This figure represents the maximum amount that a household participating in the Section 8 program can pay for rent in this area.
Comparatively, typical ZIP codes within the New York, NY HUD Metro FMR Area have an average FMR that is generally higher than $3450, reflecting the overall high cost of living in the city. However, without specific market rent and home value data for ZIP 10157, it's challenging to definitively classify it as a value pocket, mid-tier neighborhood, or premium sub-market. Nonetheless, the FMR of $3450 suggests that this ZIP might be considered a value pocket relative to other parts of the metro area where rents are likely higher.
The lack of data on market rent and home values means we cannot make direct comparisons to determine if there is a significant divergence from the metro averages. However, the unknown percentage of renters could be indicative of a potential sweet spot for Section 8 participants if it turns out to be notably higher than the average renter share in the broader metro area. High renter share combined with below-average home values in other ZIP codes often signifies areas where Section 8 vouchers are more commonly accepted due to lower housing costs relative to the metro.
To accurately assess ZIP 10157's position within the New York, NY HUD Metro FMR Area, further investigation into local market conditions would be necessary. Specifically, obtaining market rent and home value data would provide clearer insights into whether this ZIP is indeed a value pocket, offering landlords and small-portfolio investors opportunities to serve Section 8 tenants effectively while maintaining competitive returns.
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.