Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,910 |
| 1 Bedroom | $3,070 |
| 2 Bedrooms | $3,340 |
| 3 Bedrooms | $4,230 |
| 4 Bedrooms | $4,630 |
| 5 Bedrooms | $5,371 |
| 6 Bedrooms | $6,016 |
| 7 Bedrooms | $6,497 |
| 8 Bedrooms | $6,822 |
U.S. Census Bureau data (2024)
The ZIP code 11356 is situated in the vibrant neighborhood of Ridgewood, Queens, New York, NY. With a total population of 25,824, Ridgewood boasts a significant rental market where 50.2% of residents are renters. The median household income in this area is $86,730, reflecting a diverse economic landscape. The median home value stands at $827,529, indicating a robust housing market.
Moving into the realm of rent economics, the Fair Market Rent (FMR) for ZIP 11356 for fiscal year 2024 is set at $3,030. This figure is slightly higher than the market rent, which is estimated at $2,857 based on ZORI (Zillow Observed Rent Index). This suggests that there is a slight premium for federally subsidized housing units, making it a favorable environment for Section 8 tenants.
The dynamics of the Ridgewood rental market present both opportunities and challenges for real estate investors. For those looking for a hands-off approach, the ZIP code 11356 offers a stable tenant base through the Section 8 program, ensuring consistent rental income. However, the discrepancy between FMR and market rent also opens avenues for hands-on investors who can potentially add value to properties, thereby increasing their appeal beyond the subsidized market and attracting higher-paying tenants.
In summary, ZIP 11356 in Ridgewood, Queens, is well-suited for hands-off voucher operators due to its stable rental environment and the presence of a substantial number of renters. At the same time, it presents opportunities for hands-on value-add buyers who can leverage the local economic conditions and the slight premium on FMR to enhance property values and rents.
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.