Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $3,090 |
| 1 Bedroom | $3,240 |
| 2 Bedrooms | $3,560 |
| 3 Bedrooms | $4,450 |
| 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)
ZIP code 10578, located within the New York, NY HUD Metro FMR Area, presents a unique profile when compared to other ZIP codes in the region. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $3300. While the specific market rent data for 10578 is not available, the median home value stands at $654,378.
The FMR figure is a critical benchmark used by the Department of Housing and Urban Development (HUD) to determine eligibility and payment standards for housing assistance programs such as Section 8. In the context of the New York, NY HUD Metro FMR Area, where average FMRs can exceed $3300, the 10578 FMR appears to be on the lower end, suggesting it could be a more affordable option for tenants receiving housing assistance.
A notable aspect of ZIP code 10578 is its 0.0% renter share, indicating that virtually no residents are renters. This contrasts sharply with many other ZIP codes in the New York, NY area, where the renter share can range widely but often includes a significant portion of the population. The absence of renters might imply a community primarily composed of homeowners, which could limit the direct applicability of Section 8 to the area.
Despite the lack of renters, the median home value in 10578 is relatively high compared to some neighborhoods in the broader New York, NY HUD Metro FMR Area. This suggests that 10578 leans towards being a premium sub-market within its metro, characterized by higher property values and potentially more affluent homeowners. However, the combination of a lower FMR and high home value does not necessarily indicate a Section 8 sweet spot due to the absence of rental properties.
To summarize, while 10578 offers an FMR that is lower than some areas within the New York, NY HUD Metro FMR Area, making it potentially attractive for those seeking more affordable rents, the lack of rental units means that it is not a typical value pocket for Section 8. Instead, it stands out as a premium sub-market with high home values and no rental presence.
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.