Section 8 Fair Market Rent (FMR) for ZIP 10512 - 2027

Location: New York, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA

Investment Score for ZIP 10512

Monthly Rent (2BR)

$2,620

Median Price (2BR)

$431,895

1% Rule

0.61%

Annual Yield

7.28%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

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

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,390	$297,891	0.8%	C
2BR	$2,620	$431,895	0.61%	D
3BR	$3,280	$551,086	0.6%	F
4BR	$3,570	$731,739	0.49%	F
5BR	$4,141	$817,977	0.51%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

24,234

Median Household Income

$117,701

Housing Units

9,806

Renter Percentage

17.3%

Occupancy Rate

94.1%

Renter Occupied

1,597

The town of Carmel, located in New York's ZIP code 10512, is a suburban area known for its quiet neighborhoods and proximity to larger cities like New York City and White Plains. This location provides a mix of rural charm and urban accessibility, making it attractive to both homeowners and renters. The real estate market here is influenced by factors such as the Fair Market Rent (FMR) set by HUD, the actual market rents observed, and the local economy.

The Fair Market Rent (FMR) for ZIP 10512 in fiscal year 2024 is set at $2350, indicating the maximum amount that can be charged for a Section 8 voucher.
The Census Bureau's American Community Survey (ACS) reports the average market rent for the area at $1,492, which is lower than the FMR, suggesting a potential opportunity for landlords who can offer competitive rates.
The median home value in ZIP 10512 stands at $498,019, reflecting the overall cost of homeownership and providing context for the rental market.
Renters make up 17.3% of the housing units in the area, a relatively small portion compared to other regions, but still significant enough to support a niche rental market.
The days on market (DOM) for rental listings is 46 days, which is a moderate duration, suggesting that properties are generally occupied promptly once listed.
The median household income in the area is $117,701, indicating a robust economic base that supports higher rental prices and a steady demand for housing.

For landlords and small-portfolio investors, the key takeaway is that ZIP 10512 offers a stable market with a blend of affordability and desirability. The gap between the FMR and the actual market rent presents a chance to attract tenants through competitive pricing while maintaining profitability. Additionally, the moderate DOM and strong median income suggest that there is consistent demand and the ability to sustain higher rents. Despite the relatively low renter share, the combination of these factors makes Carmel a viable investment opportunity, particularly for those looking to capitalize on the suburban lifestyle trend near major urban centers.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.