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 10278 in fiscal year 2024 is set at $3450. This figure represents the payment standard used by the U.S. Department of Housing and Urban Development (HUD) for the Section 8 program, not the actual rent you can charge tenants. Landlords receive a voucher amount up to this standard to cover part of the tenant's rent.
In ZIP 10278, there is no publicly available data on the median rent or the percentage of residents who are renters. However, understanding the FMR is crucial for anyone considering their first Section 8 rental property in this area. The $3450 payment standard means that HUD will pay up to this amount towards the rent for eligible tenants, but it does not guarantee that this will be the full rent collected. Landlords must ensure that the total rent, including the tenant's contribution and the voucher payment, meets their financial needs.
To gauge the demand for rental properties in ZIP 10278, you would typically look at the percentage of residents who are renters. Unfortunately, this data is currently unavailable. Without this information, it's difficult to assess the overall demand for rentals in the area. However, given the urban nature of ZIP 10278, which is located in New York City, it's reasonable to assume that there is a significant demand for affordable housing options.
When acquiring a property for Section 8, the cost of the property should be considered alongside the FMR. In ZIP 10278, the typical cost of acquiring a rental property is also not specified here. It's important to compare the acquisition cost with the expected income from the property, factoring in both the voucher payments and the tenant's contribution. This helps in determining whether the investment will be financially viable over time.
Before proceeding with your first Section 8 rental in ZIP 10278, verify that the property meets all local housing quality standards (HQS). These standards ensure that the rental unit is safe and habitable, and failing to meet them can result in the loss of Section 8 tenancy. This is a critical step that cannot be overlooked.
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.