Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,790 |
| 1 Bedroom | $2,940 |
| 2 Bedrooms | $3,200 |
| 3 Bedrooms | $4,050 |
| 4 Bedrooms | $4,440 |
| 5 Bedrooms | $5,150 |
| 6 Bedrooms | $5,768 |
| 7 Bedrooms | $6,229 |
| 8 Bedrooms | $6,540 |
U.S. Census Bureau data (2024)
26.9% of residents in ZIP 11414 (New York, NY) are renters, indicating a significant demand for rental properties. The $2840 Fair Market Rent (FMR) for zip FY 2024 suggests that landlords can expect to receive this amount per unit under the Section 8 program, which is notably lower than the $3,025 market rent (ZORI) for the area. This discrepancy highlights the economic assistance role of Section 8 in providing affordable housing options. With a median home value of $628,837, it's clear that homeownership is out of reach for many individuals in this zip code, further emphasizing the importance of rental markets. The median income of $95,051 is another critical figure, showing that while incomes are relatively high, they are still insufficient to cover the market rent without assistance. The N/A-day Days on Market (DOM) indicates that there is little to no data available on how long it takes for rental units to be occupied, suggesting a stable rental market where vacancies are quickly filled. Lastly, the 0.1% price-cut share reveals that very few landlords are forced to reduce their rental rates, implying strong pricing power in the area. Given these factors, the verdict on Section 8 participation in ZIP 11414 is positive; it provides a reliable source of income for landlords while fulfilling an essential need for affordable housing.
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.