Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,450 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $2,080 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $2,760 |
| 5 Bedrooms | $3,202 |
| 6 Bedrooms | $3,586 |
| 7 Bedrooms | $3,873 |
| 8 Bedrooms | $4,067 |
The ZIP code 12511 is located in the town of Greenport, New York, part of Suffolk County. Unfortunately, specific demographic data such as population, percentage of renters, median income, and median home value for ZIP 12511 were not found in the current search. However, we can focus on the economic aspects of the rental market.
The Fair Market Rent (FMR) for a two-bedroom home in ZIP 12511 for fiscal year 2024 is set at $1790 per month. This figure represents the 40th percentile of typical rental costs in the area and is used to determine the maximum rent subsidy for Section 8 voucher holders. Without specific market rent data for the area, it's important to note that the FMR is a guideline and may not fully cover the cost of market-rate rentals, especially in higher-demand areas.
Given the lack of precise market rent data, it's challenging to definitively classify whether ZIP 12511 is suitable for hands-off voucher operators or hands-on value-add buyers. However, based on the general understanding of the voucher system, if the market rent significantly exceeds the FMR, voucher holders may face difficulties finding suitable housing without additional contributions. Conversely, if the market rent aligns closely with the FMR, the area could be more appealing to hands-off voucher operators who are looking for straightforward management.
To make a well-informed decision, landlords and investors should consult with the local Public Housing Agency (PHA) to understand the current payment standards and any potential discrepancies between the FMR and actual market rents. Additionally, engaging with local housing counselors can provide valuable insights into the rental landscape and the challenges faced by voucher holders in the area.
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.