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 10285 in fiscal year 2024 is set at $3450. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 Housing Choice Voucher program. It is important to note that this is not the actual rent you will receive; it is the benchmark used to determine the subsidy amount.
In ZIP 10285, the FMR is the highest possible rent that can be charged under the Section 8 program. The actual rent you receive will be the lesser of the FMR or 30% of the tenant's income plus any additional contribution they make towards the rent. For example, if a tenant's income is such that 30% of it plus their contribution totals $2800, then this is the rent you would receive.
The local median rent is currently listed as N/A, which makes direct comparison challenging. However, the N/A% of renters in ZIP 10285 who rely on housing assistance indicates a significant portion of the population that may benefit from Section 8 vouchers. This suggests there could be strong demand for properties that accept Section 8 tenants.
When acquiring a property in ZIP 10285 for Section 8 purposes, the typical cost is also listed as N/A. This means that without specific local data, it's difficult to provide an exact acquisition cost. However, knowing the FMR helps in understanding the potential revenue you can expect once the property is occupied by a Section 8 tenant.
Before committing to a Section 8 rental property in ZIP 10285, ensure that your property meets all the necessary inspection criteria. Specifically, verify that your unit passes the Housing Quality Standards (HQS) inspection. This is crucial because failing to meet these standards can result in your property being ineligible for the program, leading to potential financial losses.
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.