Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,640 |
| 1 Bedroom | $2,770 |
| 2 Bedrooms | $3,020 |
| 3 Bedrooms | $3,820 |
| 4 Bedrooms | $4,190 |
| 5 Bedrooms | $4,860 |
| 6 Bedrooms | $5,443 |
| 7 Bedrooms | $5,878 |
| 8 Bedrooms | $6,172 |
The Fair Market Rent (FMR) for ZIP code 10602 in fiscal year 2024 is set at $2350. This figure represents the maximum amount that a landlord can receive from the Housing Choice Voucher program, commonly known as Section 8, for renting a unit in this area. It's important to note that this is not the rent you will charge your tenants; rather, it's the benchmark used by the government to determine the subsidy payments.
To put this into perspective, the local median rent in ZIP 10602 is currently listed as N/A. However, since we don't have exact figures for the median rent, we can rely on the FMR as a guideline. The percentage of renters in this ZIP code who could be eligible for the Section 8 program is also listed as N/A%, which indicates the potential demand for subsidized housing. Even without specific numbers, understanding that there is a significant portion of the population seeking affordable housing can help inform your decision-making process.
When acquiring a property for a Section 8 rental, the average price in ZIP 10602 is N/A. This gives you an idea of the initial investment required. While the FMR helps determine the monthly subsidy, the actual rent you charge must be reasonable and cannot exceed the FMR. Your tenant will pay a portion of the rent based on their income, typically around 30%, while the government covers the rest up to the FMR limit.
Before proceeding with a Section 8 rental in ZIP 10602, ensure that your property meets the minimum standards set by the program. These standards include safety, health, and habitability criteria. A thorough inspection by the local housing authority is necessary to confirm compliance. This verification step is crucial as it directly impacts your eligibility to participate in the program and receive the subsidies.
Data Sources: FMR data from HUD (2027).
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.