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 10173 is situated within the New York, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for this ZIP is set at $3450 for fiscal year 2024. This figure is critical for landlords and small-portfolio investors who participate in the Section 8 housing program, as it dictates the maximum allowable rent for units to qualify.
The lack of data on market rent and home values for ZIP 10173 makes direct comparisons to other areas within the metro challenging. However, the FMR of $3450 provides insight into the rental market dynamics. Typically, ZIP codes within the New York, NY HUD Metro FMR Area have higher FMRs due to the city's robust and competitive rental environment. Therefore, an FMR of $3450 suggests that 10173 could be considered a mid-tier neighborhood within the larger metro area.
The absence of specific percentages for renter share also limits a complete analysis. Nonetheless, in general, a high percentage of renters in an area with below-average home values often indicates a favorable location for Section 8 properties. Since we do not have precise figures for market rent, home values, and renter share, we cannot definitively classify 10173 as a value pocket or a premium sub-market based solely on the FMR data. It is essential to consider additional metrics to make a comprehensive evaluation.
To accurately determine if 10173 represents a sweet spot for Section 8 investments, one would need to gather more detailed local market data. This includes understanding the actual market rents and home values, as well as the proportion of residents who are renters. Such data would allow for a clearer comparison against the typical characteristics of ZIP codes within the New York, NY HUD Metro FMR Area and help identify potential investment opportunities.
In conclusion, while ZIP 10173 has an FMR of $3450 for fiscal year 2024, which aligns with mid-tier neighborhoods in the New York, NY HUD Metro FMR Area, the absence of market rent, home value, and renter share data precludes a definitive classification as a value pocket or premium sub-market. Landlords and investors should seek out additional local market insights to inform their 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.