Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,920 |
| 1 Bedroom | $3,080 |
| 2 Bedrooms | $3,350 |
| 3 Bedrooms | $4,240 |
| 4 Bedrooms | $4,650 |
| 5 Bedrooms | $5,394 |
| 6 Bedrooms | $6,041 |
| 7 Bedrooms | $6,524 |
| 8 Bedrooms | $6,850 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 11426 in New York, NY, for fiscal year 2024 is set at $3,110. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which is the maximum amount the government will pay to cover rent for eligible tenants. It does not represent the total rent you can charge; rather, it is the ceiling on what the voucher will cover.
To put this into perspective, the Zillow Observed Rent Index (ZORI), which reflects typical market rents, is currently at $3,133 in the same area. This indicates that the FMR is slightly below the average market rent, meaning that landlords participating in Section 8 might receive slightly less than they could from non-voucher tenants. However, the FMR also acts as a guideline for reasonable rental rates in the area, ensuring that the rent charged remains fair and competitive.
The demand for rentals in ZIP 11426 is strong, with 29.8% of the population being renters. This high percentage suggests a significant number of potential tenants who may rely on housing vouchers due to affordability issues. If you're considering adding a Section 8 property to your portfolio, this statistic supports the likelihood of finding tenants who need and qualify for assistance.
When acquiring a new rental property, the median home value in ZIP 11426 is approximately $789,989. This figure is important when evaluating the initial investment required for a property that you might want to include in the Section 8 program. Given the high acquisition cost, it's crucial to understand the long-term financial benefits and risks associated with Section 8 participation.
Before you decide to enroll a property in the Section 8 program, ensure that the unit meets the minimum property standards (MPS). These standards are set by the U.S. Department of Housing and Urban Development (HUD) and must be met before a property can accept voucher holders. The verification process includes an inspection to confirm that the property is safe, decent, and sanitary, providing a living environment that is fit for habitation.
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.