Section 8 Fair Market Rent (FMR) for ZIP 10269 - 2027

FY 2027 Fair Market Rent Rates

The economics of Section 8 in ZIP code 10269, located in New York County, NY, revolve around the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $3450 for fiscal year 2024. This figure is specifically tailored for this ZIP code, reflecting the unique rental dynamics of the area.

To understand what a landlord can expect from a voucher payment, it's crucial to break down the components. A Section 8 voucher covers a significant portion of the rent, but tenants must also contribute a share. Typically, the tenant is required to pay 30% of their adjusted income towards rent. For example, if a tenant has an adjusted income of $20,000 per year, they would pay approximately $500 per month, assuming they are single or a couple without dependents. The voucher would then cover the remaining balance up to the SAFMR limit.

In addition to the base rent, the voucher includes utility allowances. These vary based on the size of the unit and the region. For a two-bedroom apartment in ZIP 10269, the utility allowance might be around $300 per month. This amount is intended to help cover electricity, gas, water, and sewer costs.

Given these specifics, let's calculate a typical scenario. If the tenant contributes $500 and the utility allowance is $300, the total monthly voucher payment would be $3750 ($3450 for rent + $300 for utilities). However, since the SAFMR cap is $3450, the voucher would only reimburse up to this amount. Therefore, the landlord would receive $3450 in total, including the tenant's $500 contribution and the utility allowance.

This setup often leaves a gap between the SAFMR and the actual market rent. Since the local market rent for ZIP 10269 is currently unavailable, it's important to note that this gap can be substantial in high-rent areas like New York City. Landlords should prepare for a potential shortfall unless the market rent is below or equal to the SAFMR. Conversely, if the market rent is lower than the SAFMR, landlords could see a surplus, where the voucher pays more than the going market rate.

In summary, landlords in ZIP 10269 can expect a maximum reimbursement of $3450 for a two-bedroom apartment under a Section 8 voucher program. This amount includes both the tenant's contribution and utility allowances. The actual financial outcome will depend on the market rent, which may result in a reimbursement gap or surplus.

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.