Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,800 |
| 1 Bedroom | $2,950 |
| 2 Bedrooms | $3,210 |
| 3 Bedrooms | $4,060 |
| 4 Bedrooms | $4,450 |
| 5 Bedrooms | $5,162 |
| 6 Bedrooms | $5,781 |
| 7 Bedrooms | $6,243 |
| 8 Bedrooms | $6,555 |
U.S. Census Bureau data (2024)
ZIP code 11372 covers Jackson Heights, one of Queens’ most vibrant and densely populated neighborhoods known for its historic garden apartments and exceptional diversity. It is a major transit hub, offering residents quick access to Manhattan via the 7, E, F, M, and R trains at the 74th Street-Roosevelt Avenue station. This connectivity is a significant draw for the workforce, particularly for the many healthcare professionals employed at nearby Elmhurst Hospital Center, a major institution serving the area.
From a purely numerical standpoint, the Section 8 opportunity in this ZIP is compelling. The HUD SAFMR for a 2-bedroom unit is $2,790, which significantly outpaces the current market rent of $2,387, creating a premium gap of $403 per month. Investors considering acquisition should note the high cost of entry; the median home value sits at $429,798, with specific 2-bedroom properties trading around $494,577. However, the market moves slowly, with a median of 112 days on market, suggesting that distressed or motivated sellers may be negotiable.
The tenant pool is deep, with 63.3% of households renting and a median income of $78,606. While this income level is above typical voucher thresholds, it indicates a stable working-class base that often competes for similar housing stock. Families are attracted to the area for its strong school district, including the highly-rated P.S. 212, and the unmatched variety of dining and retail along Roosevelt Avenue. For voucher holders, the transit accessibility ensures employment commutes are manageable, sustaining long-term demand.
For Section 8 investors, Jackson Heights offers a clear cash-flow play rather than a rapid appreciation strategy. The substantial spread between the $2,790 SAFMR and the $2,387 market rent provides a buffer against vacancy, a critical advantage given the 112-day average selling time for properties. Investors should target well-located 2BR units near the subway lines to maximize this guaranteed rent premium.
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.