Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,050 |
| 1 Bedroom | $3,220 |
| 2 Bedrooms | $3,500 |
| 3 Bedrooms | $4,430 |
| 4 Bedrooms | $4,850 |
| 5 Bedrooms | $5,626 |
| 6 Bedrooms | $6,301 |
| 7 Bedrooms | $6,805 |
| 8 Bedrooms | $7,145 |
U.S. Census Bureau data (2024)
In ZIP code 10560, located in North Salem, NY, potential challenges for landlords considering Section 8 investments include tenant turnover and vacancy exposure. The market rent stands at $2,109, which is notably lower than the Fair Market Rent (FMR) of $2,600 for fiscal year 2024. This gap suggests that tenants might be more likely to leave when they find a higher-paying job or a better rental opportunity, leading to frequent turnovers. Additionally, the days on market (DOM) data is currently unavailable, making it difficult to predict how long a property might remain vacant between tenancies. The deferred maintenance risk is also significant, with a typical home value of $803,999 and a median income of $193,906. These figures imply that landlords may face substantial costs to keep properties up to the standards required by the Section 8 program.
Despite these risks, the high renter share of 15.2% in the area points towards a strong demand for rental housing, which typically translates into a higher number of voucher holders seeking accommodation. This dense population of renters can provide a steady stream of potential tenants, reducing the overall risk of vacancy. Furthermore, the presence of many renters often correlates with a robust demand for subsidized housing, ensuring a consistent pool of applicants for Section 8 properties.
The combination of these factors suggests a moderate risk for a first-time Section 8 landlord in ZIP 10560. While there are notable challenges, the high renter share offers a buffer against vacancy and helps ensure a stable tenant base.
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.