Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,300 |
| 1 Bedroom | $2,430 |
| 2 Bedrooms | $2,640 |
| 3 Bedrooms | $3,340 |
| 4 Bedrooms | $3,660 |
| 5 Bedrooms | $4,246 |
| 6 Bedrooms | $4,756 |
| 7 Bedrooms | $5,136 |
| 8 Bedrooms | $5,393 |
U.S. Census Bureau data (2024)
The ZIP code 10454 stands out in several ways compared to other areas. With a population of 39,570 residents, it boasts an exceptionally high rental rate of 93.2%, indicating that the vast majority of the area's inhabitants are tenants rather than homeowners. The median income here is relatively low at $24,086, which contrasts sharply with the median home value of $812,560, suggesting a significant disparity between housing costs and local incomes.
In terms of Section 8 voucher economics, the Fair Market Rent (FMR) for ZIP 10454 for fiscal year 2024 is set at $2,350. This figure is notably lower than the market rent, measured by the Zillow Rent Index (ZORI), which is currently at $2,819. This gap means that landlords who accept Section 8 vouchers may need to adjust their expectations regarding rental income, as the government subsidy will not cover the full market price of rentals in this ZIP code. However, the high rental rate suggests a strong demand for affordable housing options, which could make properties that accept vouchers attractive to potential tenants.
The data signature for ZIP 10454 reads as stable. Despite the low median income, the high rental rate indicates a consistent demand for housing, which can be a positive sign for landlords and small-portfolio investors. The significant difference between the median home value and median income also points to a potentially challenging market for those seeking to own homes, but it does not necessarily indicate instability in the rental market. Landlords should consider the economic realities when setting rents and deciding whether to participate in the Section 8 program, keeping in mind the ongoing demand for rental properties in this area.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.