Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,660 |
| 1 Bedroom | $2,800 |
| 2 Bedrooms | $3,050 |
| 3 Bedrooms | $3,860 |
| 4 Bedrooms | $4,230 |
| 5 Bedrooms | $4,907 |
| 6 Bedrooms | $5,496 |
| 7 Bedrooms | $5,936 |
| 8 Bedrooms | $6,233 |
The analysis of ZIP code 11451 reveals critical insights for landlords and small-portfolio investors looking to enter or remain in this market. The first question to address is whether the rent math works. According to the HUD Metro Fair Market Rent (FMR) data for FY 2024, the FMR for ZIP 11451 is set at $2820. However, without specific market rent data available, it's challenging to make a direct comparison. If the market rent exceeds $2820, then landlords participating in the Section 8 program might face financial pressure to cover the gap between the FMR and actual market rates.
Moving on to the affordability of acquisitions, the median home value is not provided, which makes it difficult to assess the cost of purchasing properties. Additionally, the lack of data on days-on-market (DOM) and the percentage of homes that have undergone price cuts further complicates the evaluation of how quickly and at what price point homes are selling. These metrics are crucial for understanding the liquidity and pricing dynamics of the real estate market in ZIP 11451.
The third consideration is tenant demand. With no specific population figure or the percentage of renters provided, it's impossible to quantify the demand for rental housing accurately. Typically, a higher percentage of renters indicates stronger demand for rental properties, but without these details, such an assessment remains speculative.
In conclusion, while ZIP 11451 presents a potential opportunity for landlords interested in the Section 8 program, given the fair market rent of $2820, the absence of key data points—such as market rent, median home values, DOM, price-cut percentages, and population demographics—limits the ability to make a fully informed decision. Investors should seek out detailed local market reports and consult with real estate professionals to fill these data gaps before proceeding with any investment decisions.
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.