Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,400 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $2,010 |
| 3 Bedrooms | $2,530 |
| 4 Bedrooms | $2,660 |
| 5 Bedrooms | $3,086 |
| 6 Bedrooms | $3,456 |
| 7 Bedrooms | $3,732 |
| 8 Bedrooms | $3,919 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,530 | $473,339 | 0.53% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 10922 reveals a distinct gap between the federally mandated Fair Market Rent (FMR) and the actual market rents. Using the annualized 2BR FMR of $2130 for FY 2024, the implied gross yield for a property in this area would be approximately 0.47%. This is calculated by taking the annual rental income ($2130) and dividing it by the median home value ($450,519).
In contrast, when considering the market rent of $1,797 as per the Census ACS data, the implied gross yield drops significantly to around 0.39%. This figure is derived similarly, using the annual market rent ($1,797 * 12 months = $21,564) and dividing it by the median home value.
Given that 40.8% of residents in ZIP 10922 are renters, it's important to consider how this affects the overall rental market dynamics. The low percentage of renters suggests a tighter market where landlords have less competition, potentially making higher rents more achievable. However, the fact that the days-on-market (DOM) data is listed as N/A implies there might be limited turnover or sales activity, which could affect the accuracy of the gross yield calculations based on market rent alone.
The FMR scenario, at 0.47%, provides a more optimistic outlook for landlords participating in the Section 8 program. This rate is higher than what the market rent scenario suggests, at 0.39%. While the FMR offers a better gross yield, it's crucial to note that the actual rent received by landlords under Section 8 can be influenced by various factors, including tenant behavior and maintenance costs.
In conclusion, while the 0.47% gross yield based on FMR is attractive, the 0.39% gross yield based on market rent is more reflective of the current rental environment in ZIP 10922. Landlords should carefully weigh these figures against the realities of the local housing market and their specific property conditions before making investment decisions.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.