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 |
The ZIP code 11247 falls within the New York, NY HUD Metro FMR Area. The Fair Market Rent (FMR) for ZIP 11247 is $2730 for a two-bedroom unit in fiscal year 2024. This figure is notably higher than the typical FMR for other ZIP codes within the broader New York, NY HUD Metro FMR Area, which is known for having expensive 40th percentile metro area rents.
Market rent and home value data for ZIP 11247 are currently unavailable. However, the lack of these figures suggests that 11247 may be an outlier within the New York, NY HUD Metro FMR Area, possibly due to unique characteristics such as location or demographic makeup.
The renter share percentage for ZIP 11247 is also not available. In the absence of this data, we cannot definitively categorize 11247 as a value pocket, mid-tier neighborhood, or premium sub-market. However, the high FMR indicates that it likely falls into the premium sub-market category, especially when compared to the overall averages for the New York, NY HUD Metro FMR Area.
To determine if ZIP 11247 is a Section 8 sweet spot, additional information about the market rent and home values would be necessary. Typically, a high renter share combined with below-average home values can signal a favorable area for Section 8 vouchers, but without these specific details, such an inference cannot be made.
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.