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 |
ZIP code 10802 falls within the New York, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 10802 is set at $2350 for fiscal year 2024. This figure represents the maximum amount that a low-income family receiving Section 8 assistance can pay for rent in this area.
To determine where 10802 stands within the larger context of the New York, NY HUD Metro FMR Area, we must consider the typical characteristics of ZIP codes in this region. The FMR of $2350 in 10802 is notably lower than many other ZIP codes in the metropolitan area, which often have FMRs exceeding $2500. However, due to the lack of specific market rent and home value data for 10802, it's challenging to definitively classify it as either a value pocket, a mid-tier neighborhood, or a premium sub-market. Nonetheless, the relatively low FMR suggests that 10802 could be considered a value pocket within the broader metro area, particularly if market rents are indeed higher but not excessively so.
The absence of data on market rent and home values for 10802 means we cannot directly compare these metrics against the typical New York, NY HUD Metro FMR Area ZIPs. However, the lower FMR implies that rental costs are generally less expensive here compared to other parts of the city. In terms of renter share, the lack of specific percentage data makes it impossible to draw conclusions about the proportion of renters versus homeowners. A high renter share combined with below-average home values often indicates a prime location for Section 8 tenants, but without concrete figures, such an inference remains speculative.
In summary, ZIP code 10802 appears to offer a more affordable rental environment relative to the rest of the New York, NY HUD Metro FMR Area, as evidenced by its $2350 FMR. This characteristic positions it as potentially attractive for landlords and small-portfolio investors seeking to operate in a value pocket, where the cost of living is slightly more manageable for low-income families. However, a comprehensive assessment would require additional data on market rents and home values.
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.