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 HUD Fair Market Rent (FMR) for ZIP 10702 in fiscal year 2024 is set at $2350. However, the current market rent is not available, which makes direct comparisons challenging. Given the high demand for affordable housing in densely populated areas such as Yonkers, it's likely that voucher tenants can achieve positive cash flow at the FMR level, especially when considering the operational costs of maintaining rental properties.
The median home value for ZIP 10702 is also not available, but this lack of data does not significantly impact the rent-to-price ratio analysis since the focus is on rental properties. In the absence of specific figures, it's important to note that the rent-to-price ratio is a critical metric for understanding the local real estate market. Typically, a higher ratio indicates a stronger rental market relative to homeownership, which could be beneficial for investors focused on rental income.
Regarding the dynamics of days on market (DOM) and the percentage of price cuts, there is insufficient data to provide concrete numbers. However, these metrics are crucial for understanding how quickly properties are rented and the extent to which landlords might need to adjust their asking rents. A low DOM suggests strong demand, while a lower percentage of price cuts indicates that landlords are able to maintain higher rents without significant concessions.
The strongest angle for Section 8 investors in ZIP 10702 is likely to be cashflow. With the HUD FMR at $2350, and assuming market rents are higher, voucher tenants can generate positive cash flow for landlords who manage their properties efficiently. This makes ZIP 10702 an attractive investment for those looking to secure reliable rental income through government-subsidized programs.
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.