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 median household income in ZIP 10163 (New York, NY) is $55,163. The median rent in this area is $1,532. This means that households in ZIP 10163 face a significant affordability gap when it comes to paying market rate rents.
With the Section 8 voucher payment standard set at $3,450 for ZIP 10163 in fiscal year 2024, the difference between the market rate and the voucher amount is stark. Households earning the median income would struggle to pay the market rate of $1,532, let alone the higher voucher amount.
The high percentage of renters and the relatively young median age of 31.26 years indicate a dynamic community with a strong demand for affordable housing. Landlords in this area must be prepared to compete with both market-rate rentals and subsidized housing options.
For landlords considering their strategy, the takeaway is clear: focusing solely on cash-paying tenants may limit your pool of potential renters. Instead, embracing Section 8 vouchers can offer a stable income source while helping to meet the needs of a significant portion of the community. However, given the disparity between the median income and both the market and voucher rates, landlords should carefully consider their costs and the long-term sustainability of their properties before making any decisions.
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.