Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,100 |
| 1 Bedroom | $2,340 |
| 2 Bedrooms | $3,010 |
| 3 Bedrooms | $3,790 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
U.S. Census Bureau data (2024)
2110 The Fair Market Rent (FMR) for ZIP code 12507 for fiscal year 2024 stands at $2110, indicating the maximum amount that landlords can charge for a unit under the Section 8 program. 63.6 This figure is particularly significant given that 63.6% of the residents in this area are renters, suggesting a substantial demand for affordable housing options. 116198 With a median income of $116,198, it's evident that while the area has a relatively high earning potential, the cost of living, especially rental costs, is still a concern for many households.
2110 Landlords in ZIP 12507 should be aware that the $2110 FMR provides a benchmark for setting competitive yet compliant rental rates. 63.6 The high percentage of renters also implies that there is a large pool of potential tenants who might benefit from the Section 8 program. 116198 Given the median income, it's reasonable to assume that a portion of the local population would qualify for assistance through Section 8, making participation in the program an attractive option for property owners.
2110 To capitalize on the $2110 FMR, landlords must ensure their properties meet the necessary standards set by HUD. 63.6 Considering the significant renter share, it's crucial to understand that the demand for rental units is robust, which can translate into a steady stream of income for those willing to participate in Section 8. 116198 However, landlords must also balance the higher median income against the need for affordable housing, ensuring they target the right segment of the market.
2110 In conclusion, the $2110 FMR for ZIP 12507 presents a clear opportunity for landlords to offer affordable housing solutions while maintaining financial viability. 63.6 With a substantial 63.6% of the population renting, the potential tenant base is large. 116198 The median income of $116,198 suggests that there is enough economic activity to support both the Section 8 program and the local rental market. Participation in Section 8 can provide a reliable source of income and access to a broad tenant pool, making it a sound investment strategy for property owners in this area.
2110 Section 8 Verdict: Worthwhile for landlords in ZIP 12507.
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.