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 | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
U.S. Census Bureau data (2024)
ZIP code 10505 is positioned within the New York, NY HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $2810. Comparatively, the actual market rent in 10505 is lower at $1,385, indicating that it might be undervalued relative to the FMR standards. The median home value in 10505 is significantly higher at $1,016,267, suggesting that it is a premium sub-market within the larger metro area.
The renter share in 10505 stands at 31.8%, which is relatively low compared to the typical New York, NY HUD Metro FMR Area ZIP codes where renter shares tend to be higher. This low renter share coupled with a high median home value implies that there is less demand for rental properties in this area. However, the gap between the FMR and the actual market rent could present an opportunity for landlords who can offer competitive rents without compromising on profit margins.
In summary, 10505 is a premium sub-market within the New York, NY HUD Metro FMR Area, characterized by high home values and a low renter share. While it does not exhibit the high renter share typically associated with Section 8 sweet spots, the discrepancy between the FMR and the actual market rent makes it a potentially attractive location for landlords willing to offer affordable rental rates.
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.