Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,480 |
| 1 Bedroom | $1,660 |
| 2 Bedrooms | $2,130 |
| 3 Bedrooms | $2,680 |
| 4 Bedrooms | $2,820 |
| 5 Bedrooms | $3,271 |
| 6 Bedrooms | $3,664 |
| 7 Bedrooms | $3,957 |
| 8 Bedrooms | $4,155 |
U.S. Census Bureau data (2024)
The ZIP code 12574 presents several challenges for landlords considering Section 8 investments. Firstly, tenant turnover can be problematic due to the significant gap between market rent and the Fair Market Rent (FMR) of $1900 set for FY 2024. This discrepancy might lead to higher tenant mobility, as individuals may seek more affordable housing options outside the voucher program. Secondly, the area's vacancy exposure is heightened by the lack of data on Days on Market (DOM), which could indicate either a stable or volatile rental market. Lastly, there is a notable risk of deferred maintenance, especially considering the typical home value of $662,089. Without accurate median income data, it's difficult to assess the financial capability of residents to maintain homes adequately, potentially leading to costly repairs and upkeep for landlords.
However, these risks must be weighed against the 4.6% renter share in the area. A high concentration of renters often translates into robust demand for housing vouchers, ensuring a steady stream of tenants for Section 8 properties. The combination of a strong housing market and a substantial number of potential voucher holders suggests that while there are risks, they are mitigated by the likelihood of consistent tenant occupancy.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.