FY2024 Fair Market Rents — New York-Newark-Edison, NY-NJ-PA HUD Metro FMR Area

The HUD-published Fair Market Rents for FY2024 in this area are:

Studio
$1,712
1BR
$1,991
2BR
$2,383
3BR
$3,026
4BR
$3,337
Hours/week at min wage
112 hrs
to afford the 2BR FMR @ $16.50/hr (NY)
National rank
#21
of 646 U.S. metros (top 4% most expensive)
YoY change (2BR)
+2.6%
+$60 vs FY2023 · 5-yr +13.5%
Voucher payment standard
$2,145–$2,621
PHAs set HCV payment at 90–110% of the 2BR FMR

New York-Newark-Edison, NY-NJ-PA HUD Metro FMR Area

Metropolitan area · NY · View full history · Income limits · LIHTC rents

FY2024 Fair Market Rents

Bedroom Size Monthly FMR Annual Equivalent
Efficiency (Studio) $1,712 $20,544
1-Bedroom $1,991 $23,892
2-Bedroom $2,383 $28,596
3-Bedroom $3,026 $36,312
4-Bedroom $3,337 $40,044

Recent 2-Bedroom FMR Trend

FY2018 $2,047 → FY2024 $2,383
Fiscal Year Studio 1BR 2BR 3BR 4BR
FY2024 $1,712 $1,991 $2,383 $3,026 $3,337
FY2023 $1,719 $2,021 $2,323 $3,019 $3,438
FY2022 $1,676 $1,970 $2,265 $2,944 $3,352
FY2021 $1,633 $1,920 $2,208 $2,870 $3,267
FY2020 $1,593 $1,873 $2,153 $2,798 $3,186
FY2019 $1,553 $1,826 $2,099 $2,728 $3,106
FY2018 $1,514 $1,780 $2,047 $2,661 $3,029

View full FMR history back to FY2000 →

FY2024 Income Limits

Area Median Income (AMI): $110,500

AMI Level 1p 2p 3p 4p 5p 6p
30% AMI (Extremely Low) $23,205 $26,520 $29,835 $33,150 $35,802 $38,454
50% AMI (Very Low) $38,675 $44,200 $49,725 $55,250 $59,670 $64,089
80% AMI (Low) $61,879 $70,720 $79,560 $88,400 $95,472 $102,544

Full income limits table (all 8 household sizes) →

Affordability Snapshot

2BR Annual FMR
$28,596/yr
FMR as % of Area Median Income
25.9% of AMI
Under 30% — affordable at median income
Income Needed (30% rule, 2BR)
$95,320/yr
$7,943/mo gross income

FY2024 LIHTC Maximum Rents

Maximum gross rents for Low-Income Housing Tax Credit units, by income band. Full LIHTC details →

AMI Band Studio 1BR 2BR 3BR 4BR
50% AMI Maximum $966 $1,105 $1,243 $1,491 $1,602
60% AMI Maximum $1,160 $1,326 $1,491 $1,790 $1,922

FY2024 HOME Program Rent Limits

Maximum rents for HOME Investment Partnerships–funded units. High HOME rents apply to most assisted units; Low HOME rents apply to the lowest-income set-aside units. Full HOME rent details →

Limit Type Studio 1BR 2BR 3BR 4BR
High HOME Rent $1,712 $1,795 $1,795 $1,795 $1,795
Low HOME Rent $966 $1,105 $1,243 $1,381 $1,491

Compare New York-Newark-Edison, NY-NJ-PA HUD Metro FMR Area With Other NY Metros

vs. Albany-Schenectady-Troy, NY MSA vs. Binghamton, NY MSA vs. Buffalo-Cheektowaga-Niagara Falls, NY MSA vs. Elmira, NY MSA vs. Glens Falls, NY MSA

Counties in This FMR Area

Related Pages