Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,560 |
| 1 Bedroom | $3,750 |
| 2 Bedrooms | $4,080 |
| 3 Bedrooms | $5,170 |
| 4 Bedrooms | $5,670 |
| 5 Bedrooms | $6,577 |
| 6 Bedrooms | $7,366 |
| 7 Bedrooms | $7,955 |
| 8 Bedrooms | $8,353 |
U.S. Census Bureau data (2024)
In ZIP code 10162, the Section 8 program operates under specific economic guidelines that landlords need to understand. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code is set at $4,130 per month for fiscal year 2024. This figure represents the maximum amount that the Housing Choice Voucher Program will pay towards the rent of a two-bedroom unit in this area.
The local market rent, measured by ZORI (Zillow Observed Rent Index), stands at $5,495 per month. This is the average rent price that landlords can expect from private market tenants without vouchers.
A landlord participating in the Section 8 program should know that the reimbursement from the voucher is calculated based on the SAFMR minus the tenant's portion of the rent, which is typically 30% of their income. For instance, if a tenant's monthly income is $2,000, they would be expected to contribute $600 toward the rent. If the SAFMR for a two-bedroom is $4,130, then the voucher would cover the remaining balance, up to the maximum limit.
Additionally, the voucher program includes utility allowances. These allowances vary but generally cover a portion of the tenant's electricity, gas, water, and sewer costs. The exact amount depends on the specific circumstances and needs of the tenant. However, these allowances do not increase the overall reimbursement beyond the SAFMR cap.
To illustrate, if a landlord charges $4,130 for a two-bedroom unit, and the tenant contributes $600, the voucher would cover the rest, making it financially equivalent to the market rate for landlords who accept the voucher. But if the landlord sets the rent above the SAFMR, such as at $5,495, the voucher will still only reimburse up to $4,130, leaving the landlord with a reimbursement gap of $1,365.
Landlords must also consider that the SAFMR is specifically set for this ZIP code, meaning it reflects the rental market conditions unique to 10162. Therefore, any adjustments made to the rent should be within the bounds of the SAFMR to avoid significant financial losses.
In summary, for a two-bedroom apartment in ZIP 10162, landlords can expect a reimbursement gap of $1,365 per month when comparing the SAFMR ($4,130) to the local market rent ($5,495).
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.