Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,610 |
| 5 Bedrooms | $4,188 |
| 6 Bedrooms | $4,691 |
| 7 Bedrooms | $5,066 |
| 8 Bedrooms | $5,319 |
U.S. Census Bureau data (2024)
The analysis for the Section 8 program in ZIP code 10470 centers around the disparity between the Fair Market Rent (FMR) and the actual market rent as measured by the Zillow Rent Index (ZORI). For fiscal year 2024, the FMR stands at $2520, while the ZORI indicates that the average market rent is $2,100. This creates a gap of $420 per month, representing an 18.1% difference between the two figures.
In this scenario where the FMR exceeds the market rent, landlords can benefit from participating in the Section 8 program. Voucher tenants provide a stable and reliable source of income, as the government covers a significant portion of the rent. The guaranteed payment structure can be particularly attractive given the high percentage of renters in the area—56.6%—which suggests a strong demand for rental properties. Moreover, with a median home value of $657,854 and a median income of $90,046, it's evident that the local economy supports higher rent levels, but the presence of voucher tenants allows landlords to capture a segment of the market that might otherwise be unaffordable for them.
The yield play is clear: landlords can charge rents that are closer to the FMR without risking vacancy rates, as the government subsidizes the difference. This makes Section 8 a valuable tool for increasing cash flow and maintaining occupancy rates, especially in a competitive market where many potential tenants may struggle to meet the open-market rates. By taking advantage of the voucher system, landlords can effectively bridge the gap between the affordable housing needs of their tenants and the economic realities of the ZIP code 10470 real estate market.
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.