Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,590 |
| 1 Bedroom | $2,730 |
| 2 Bedrooms | $2,970 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,120 |
| 5 Bedrooms | $4,779 |
| 6 Bedrooms | $5,352 |
| 7 Bedrooms | $5,780 |
| 8 Bedrooms | $6,069 |
U.S. Census Bureau data (2024)
The ZIP code 10976 represents a neighborhood characterized by a relatively small population of 2,002 residents, with 36.6% of them being renters. The median household income in this area stands at $85,893, indicating a higher-than-average earning potential among its inhabitants. Additionally, the median home value is notably high at $738,232, suggesting a predominantly affluent residential environment.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 10976 in fiscal year 2024 is set at $2,210. This figure is crucial for landlords operating under the Section 8 program, as it dictates the maximum rental amount that can be charged for subsidized units. Despite the high median home values, the market rent is currently unavailable, which might indicate limited data or a highly specialized housing market where traditional metrics do not fully apply.
Given these economic parameters, ZIP 10976 would likely appeal more to hands-on value-add buyers rather than hands-off voucher operators. The substantial median home value suggests that there is potential for increasing property values through strategic improvements and active management. For hands-off operators, the fixed nature of Section 8 rents could limit profitability given the high cost basis associated with property acquisition and maintenance in this ZIP code.
To conclude, the neighborhood encapsulated within ZIP 10976 presents a unique opportunity for investors willing to engage actively in property management and enhancement. The high FMR of $2,210, combined with the potential for value appreciation, makes it a more suitable target for those looking to add value through their efforts rather than relying solely on government subsidies.
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.