Section 8 Fair Market Rent (FMR) for ZIP 11386 - 2027

FY 2027 Fair Market Rent Rates

The median household income in ZIP 11386 (Ridgewood, NY) is $46,386. This figure is crucial for understanding the economic context of the area. The median rent for the area is $1,288, which is significantly lower than the Fair Market Rent (FMR) standard of $2,820 for ZIP 11386 in fiscal year 2024.

This means that a household in Ridgewood can afford the market rate rent without relying on government assistance. However, the disparity between the market rate and the FMR standard suggests a significant affordability gap for potential renters who might qualify for housing vouchers. The FMR is set higher to ensure that voucher holders can access a wider range of rental properties, but it also implies that landlords could charge more than the typical market rate if they accept vouchers.

Ridgewood has a population of 41,386, with a notable 59% of the cost of living being below the national average. This makes it an attractive area for renters looking for affordable housing options. However, for landlords, this means there is strong competition from other rental properties that offer similar affordability.

The takeaway for landlords considering voucher versus cash-pay strategies is clear: accepting vouchers allows for charging closer to the FMR of $2,820, which is substantially higher than the market rate. However, this strategy requires compliance with additional regulations and oversight from the government. Landlords should weigh the benefits of higher rents against the administrative burden and potential tenant turnover associated with vouchers.

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.