Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,420 |
| 1 Bedroom | $2,540 |
| 2 Bedrooms | $2,770 |
| 3 Bedrooms | $3,510 |
| 4 Bedrooms | $3,840 |
| 5 Bedrooms | $4,454 |
| 6 Bedrooms | $4,988 |
| 7 Bedrooms | $5,387 |
| 8 Bedrooms | $5,656 |
U.S. Census Bureau data (2024)
ZIP code 10511, located within the New York, NY HUD Metro FMR Area, exhibits characteristics that place it squarely within the premium sub-market segment of its metro area. The Fair Market Rent (FMR) for 10511 is set at $2180 for fiscal year 2024, which exceeds the typical FMR for ZIP codes in the broader New York, NY HUD Metro FMR Area. This suggests that rental properties in 10511 command higher rents, reflecting a higher cost of living and potentially greater demand from tenants.
The market rent of $1,953 is slightly below the FMR, indicating that while the area is expensive, there is still some room for negotiation or adjustment between what the government deems fair and what the market dictates. This gap can be advantageous for landlords who aim to attract tenants with competitive pricing without undercutting the value of their property.
The median home value of $577,523 further solidifies 10511's position as a premium sub-market. This figure is notably higher than the average home value across the New York, NY HUD Metro FMR Area, suggesting that homeownership in this ZIP code comes at a premium. For investors looking to purchase properties in this area, they should expect to pay more, but also anticipate a higher resale value or rental income potential due to the elevated market conditions.
The renter share of 13.0% is lower than the typical ZIP codes in the New York, NY HUD Metro FMR Area, where the average renter share is around 30%. This indicates that 10511 has a predominantly owner-occupied housing stock, which can influence the dynamics of the rental market. With fewer renters, landlords might face a smaller pool of potential tenants, possibly leading to higher competition among renters and thus supporting higher rents.
While the combination of a high renter share and below-metro home values can signal a Section 8 sweet spot, the data for ZIP 10511 does not support this inference. Instead, the high FMR and market rent coupled with the premium home values suggest that this ZIP code is not an ideal location for seeking low-cost Section 8 opportunities. Landlords and small-portfolio investors should consider the higher costs and potential for higher returns when evaluating investment opportunities in 10511.
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.