Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,610 |
| 1 Bedroom | $1,800 |
| 2 Bedrooms | $2,320 |
| 3 Bedrooms | $2,920 |
| 4 Bedrooms | $3,070 |
| 5 Bedrooms | $3,561 |
| 6 Bedrooms | $3,988 |
| 7 Bedrooms | $4,307 |
| 8 Bedrooms | $4,522 |
U.S. Census Bureau data (2024)
The market in ZIP code 10953, as reflected by the Fair Market Rent (FMR) of $2010 for the fiscal year 2024, suggests a stable rental environment. However, the absence of current market rent data, days on market (DOM), and the percentage of price-cut share indicates a lack of recent activity that could provide insights into the current supply-demand dynamics. The median home value is also not available, which means we cannot compare it against the FMR to assess whether there's a significant gap between what homes are worth and what renters can afford.
A critical point of interest is the reported 0.0% renter share. This figure implies that the area is predominantly owner-occupied, which can have several implications for the housing market. Firstly, it points towards a lower likelihood of short-term fluctuations due to changes in rental supply or demand. Secondly, it suggests that any housing pressure is likely to be long-term in nature, driven by factors such as population growth, job opportunities, and overall economic conditions rather than immediate shifts in the rental market.
The stability indicated by the FMR without accompanying market rent data makes it challenging to determine if supply is currently outpacing demand or vice versa. In a market where supply exceeds demand, one would typically see rents below the FMR and longer DOM periods, along with a higher percentage of properties needing price reductions to attract tenants. Conversely, in a market where demand outstrips supply, rents tend to approach or even exceed the FMR, DOM periods are shorter, and fewer price cuts are necessary.
The lack of these indicators means we must rely on the static FMR to understand the cost of living in the area. Given the FMR of $2010, it can be inferred that the area maintains a relatively affordable rental standard, though without knowing the actual market rent, it's impossible to say definitively how this compares to what is being charged. The owner-occupied nature of the area, as evidenced by the 0.0% renter share, further complicates the picture, as it may indicate a preference for homeownership over renting, possibly due to favorable mortgage rates or a desire for long-term investment security.
In conclusion, ZIP 10953 presents itself as an area with a well-defined rental threshold but unclear current market dynamics. The predominance of owner-occupied housing suggests a market that is less susceptible to short-term rental pressures, but the absence of key metrics leaves questions about the balance between supply and demand unanswered. Landlords and small-portfolio investors should consider the broader economic context and trends affecting the area when making decisions.
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.