Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, NY MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,570 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $2,250 |
| 3 Bedrooms | $2,840 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $1,750 | $195,976 | 0.89% | C |
| 2BR | $2,250 | $390,168 | 0.58% | F |
| 3BR | $2,840 | $502,239 | 0.57% | F |
| 4BR | $2,980 | $581,713 | 0.51% | F |
| 5BR | $3,457 | $632,327 | 0.55% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 12590, Wappingers Falls, NY, in fiscal year 2024 is set at $1980. This figure represents the maximum amount that a landlord can receive from the government's Housing Choice Voucher program, also known as Section 8, for a unit in this area. It is important to note that this is not the actual rent that tenants will pay; it is the payment standard used by the government to determine the subsidy amount.
In comparison, the local market rent for similar properties in Wappingers Falls is around $2,400 per month, based on the ZORI (Zillow Rent Index). This indicates that landlords participating in Section 8 might receive slightly less than the typical market rate, but the benefit lies in the stability and reliability of the payments from the government.
The 30.5% renter share suggests that there is a significant portion of the population who rely on rental assistance programs such as Section 8. This can be interpreted as a strong demand for affordable housing options, making it a viable choice for those considering their first Section 8 rental property.
Acquiring a rental property in Wappingers Falls, NY, can cost approximately $488,700, which is the median home value in the area. While this is a substantial investment, it can be offset by the steady income stream provided by the Section 8 program, ensuring that your property remains occupied and generating consistent revenue.
Before proceeding with a Section 8 rental, it is crucial to verify that the property meets all local housing quality standards. These standards ensure that the property is safe, decent, and sanitary, and they must be maintained to continue receiving payments from the government.
In summary, the FMR of $1980 for ZIP 12590 means that you will receive a capped amount from the government for each unit. With local rents at $2,400, this might seem lower, but the demand for affordable housing is high, indicated by the 30.5% renter share. The median home value of $488,700 provides context for the initial investment required. Ensure your property meets all necessary quality standards to avoid any issues with eligibility.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.