Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,660 |
| 1 Bedroom | $2,800 |
| 2 Bedrooms | $3,050 |
| 3 Bedrooms | $3,860 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
The ZIP code 11371 falls within the New York, NY HUD Metro FMR Area. For fiscal year 2024, the Fair Market Rent (FMR) for ZIP 11371 is set at $2820. This figure is essential for understanding the rental dynamics within this area.
To provide context, the average market rent for the New York, NY HUD Metro FMR Area is significantly higher, often exceeding $3000 for similar-sized units. The lack of specific market rent and home value data for ZIP 11371 makes direct comparisons challenging; however, the FMR can serve as a benchmark.
The absence of home value data suggests that 11371 might be an area where rentals dominate over homeownership, which could indicate a higher proportion of renters. This characteristic is often seen in urban areas where property ownership is less common due to higher costs or limited space.
ZIP 11371's FMR of $2820 is notably lower than many other ZIP codes in the New York, NY HUD Metro FMR Area, suggesting it may be considered a value pocket within the broader metropolitan region. This means that landlords and small-portfolio investors could find it attractive for Section 8 tenants who are looking for affordable housing options.
In summary, ZIP 11371 appears to offer a more affordable rental environment compared to the average within the New York, NY HUD Metro FMR Area. This positioning makes it a potential value pocket for those interested in the Section 8 program, offering a balance between affordability and location within a major metropolitan area.
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.