Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,460 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,360 |
| 4 Bedrooms | $2,480 |
| 5 Bedrooms | $2,877 |
| 6 Bedrooms | $3,222 |
| 7 Bedrooms | $3,480 |
| 8 Bedrooms | $3,654 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 10990 in Warwick, NY, for fiscal year 2024 is set at $1620. This figure represents the maximum amount that a landlord can charge for a Section 8 voucher holder's portion of the rent. It is important to note that this is not the total rent you will receive; rather, it is the benchmark used by the government to ensure rents are reasonable and affordable.
To put this into perspective, the local median rent for a two-bedroom apartment in ZIP 10990, known as the ZORI (Zillow Observed Rent Index), is currently at $2,650. This indicates that the FMR for Section 8 is significantly lower than the market rate, suggesting that participating in the Section 8 program will result in a lower rental income compared to renting to market-rate tenants.
The demand for rental properties in ZIP 10990 is strong, with 22.7% of residents being renters. This high percentage means there is a substantial number of potential tenants who could benefit from Section 8 vouchers, ensuring a steady pool of applicants for your property.
If you're considering acquiring a new rental property in this area, the average cost for a home is around $566,593. This is the price point you should be prepared to pay if you want to enter the Warwick rental market with a Section 8 property. Given the lower FMR compared to the ZORI, you'll need to factor in a potentially longer time to recoup your investment through rental income.
Before you decide to take the plunge, verify that your property meets the housing quality standards required by the Section 8 program. These standards, known as the Housing Quality Standards (HQS), ensure that the rental unit is safe, decent, and sanitary. A thorough inspection and any necessary repairs to meet these criteria will be crucial steps in preparing your property for Section 8 tenancy.
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.