Section 8 Fair Market Rent (FMR) for ZIP 12220 - 2027

FY 2027 Fair Market Rent Rates

The Fair Market Rent (FMR) for ZIP code 12220 in fiscal year 2024 is set at $1390. This figure represents the payment standard for Section 8 housing vouchers, meaning that if you participate in the program, this is the maximum amount the Housing Authority will pay toward the rent of your property. It's important to note that this does not necessarily reflect the actual rent you can charge; it's the ceiling for the voucher contribution.

To put this into perspective, the local median rent in ZIP 12220 is listed as N/A, which makes direct comparison difficult. However, the FMR can serve as a benchmark for understanding what is considered a fair market value for rental properties in this area.

The percentage of renters in ZIP 12220 is N/A%, indicating a significant portion of the population relies on renting as their primary housing option. This suggests a robust demand for rental properties, including those that might be part of the Section 8 program.

In terms of acquiring a property for this purpose, the average home price in ZIP 12220 is N/A. While this doesn't directly impact rental decisions, it does give an idea of the investment required to enter the real estate market in this area.

Before you decide to enroll your property in the Section 8 program, there is one critical step to take: verify that your property meets all the necessary requirements for the program, including safety and maintenance standards. This ensures compliance and avoids potential issues down the line.

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.