Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,210 |
| 1 Bedroom | $3,380 |
| 2 Bedrooms | $3,670 |
| 3 Bedrooms | $4,650 |
| 4 Bedrooms | $5,090 |
| 5 Bedrooms | $5,904 |
| 6 Bedrooms | $6,612 |
| 7 Bedrooms | $7,141 |
| 8 Bedrooms | $7,498 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 10546 in fiscal year 2024 is set at $3530. This figure represents the maximum amount that landlords can charge for rent under the Section 8 program. It's important to note that this is not the actual rent you will receive but rather a benchmark used to determine the allowable rent subsidy.
In comparison, the average rent for a two-bedroom apartment in ZIP 10546, based on Census American Community Survey data, is $3,501. This means that the FMR aligns closely with the market rate, providing a fair compensation for landlords participating in the program.
With an 18.7% share of renters in the area, there is a significant demand for affordable housing. This translates into approximately $947,329 in annual rental income for properties that can accommodate the needs of low-income families, assuming each unit is rented at the FMR.
To put this into perspective, if you have a property that meets the criteria for the Section 8 program, you can expect to receive a subsidy that covers the difference between the tenant's contribution and the FMR. The tenant's portion is typically around 30% to 40% of their income, meaning you'll be guaranteed a steady stream of rental payments up to the FMR.
Before you decide to enroll your property in the Section 8 program, it's crucial to verify that your property meets all the required standards for habitability and safety. This includes passing inspections that check for issues such as mold, lead paint, and structural integrity. Ensuring these standards will help you avoid any penalties or loss of subsidies.
In summary, the FMR of $3530 for ZIP 10546 provides a clear guideline for setting rent under the Section 8 program. With a strong rental market and a high percentage of renters, there is a good opportunity for landlords to participate and benefit from the program while helping to meet the housing needs of low-income families.
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.