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 Fair Market Rent (FMR) for ZIP code 10277 in fiscal year 2024 is set at $3450. This figure represents the payment standard for Section 8 housing vouchers, meaning it's the maximum amount the government will pay to landlords on behalf of tenants. It's important to note that this is not the amount you should charge for rent; it's the upper limit for reimbursement.
To understand if this FMR is favorable for your investment, consider the local average rent, which is currently N/A. While we don't have a specific number here, comparing the FMR to typical market rents can give you an idea of whether Section 8 payments will cover your costs adequately. If the FMR is close to or above the local average, it might be a good deal for you.
The demand for Section 8 housing in ZIP 10277 is reflected by the N/A% share of renters who rely on these vouchers. A higher percentage indicates a greater need for affordable housing, potentially leading to a quicker tenancy for your property. However, the exact percentage is missing, so you'll need to research further to gauge the demand accurately.
When acquiring a property in this area, the average price is N/A. This can help you estimate the initial investment required and the potential return on investment based on the FMR. Again, the lack of specific numbers makes it difficult to provide precise advice, but generally, properties that fall under the FMR guidelines are more likely to attract Section 8 tenants.
Before deciding to enter the Section 8 market with your first rental in ZIP 10277, ensure that your property meets all the necessary requirements set by the Housing Authority. This includes safety standards, cleanliness, and the condition of the property. These conditions are non-negotiable and must be met to participate in the program.
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.