Section 8 Fair Market Rent (FMR) for ZIP 11380 - 2027

FY 2027 Fair Market Rent Rates

The ZIP code 11380, located in New York, is an area that presents unique opportunities for real estate investment, particularly in the context of Section 8 housing. The Federal Market Rent (FMR) for this region has been set at $2820 per month for the fiscal year 2024, providing a benchmark for rental pricing.

• Federal Market Rent: At $2820 per month, the FMR for ZIP 11380 indicates the maximum allowable rent for Section 8 housing in the area.
• Market Rent: Data on market rent is currently unavailable, which makes it challenging to compare against the FMR. However, the FMR can still serve as a useful guideline.
• Median Home Value: The median home value in ZIP 11380 is also not available, but this is often indicative of a high concentration of rental properties.
• Renter Share: The percentage of residents who are renters is not specified, but a higher renter share typically correlates with greater demand for affordable housing options.
• Days on Market (DOM): The average number of days a property stays on the market before receiving an offer is not provided, which could be critical for understanding how quickly properties are rented out.
• Median Income: The median income figure for ZIP 11380 is missing, yet this is crucial for assessing the financial stability of potential tenants and their ability to pay rent.

In summary, while ZIP 11380 offers a defined FMR of $2820 per month for fiscal year 2024, the lack of specific data on market rent, median home values, renter share, DOM, and median income limits a comprehensive analysis. Landlords and small-portfolio investors should focus on leveraging the FMR as a starting point and seek additional local insights to better understand the rental market dynamics and tenant profiles. This will enable them to make informed decisions about setting rents and selecting properties that align with the needs of the community.

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.