Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
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 | $3,890 |
| 1 Bedroom | $4,100 |
| 2 Bedrooms | $4,460 |
| 3 Bedrooms | $5,640 |
| 4 Bedrooms | $6,190 |
| 5 Bedrooms | $7,180 |
| 6 Bedrooms | $8,042 |
| 7 Bedrooms | $8,685 |
| 8 Bedrooms | $9,119 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $4,100 | $1,192,440 | 0.34% | F |
| 2BR | $4,460 | $2,370,234 | 0.19% | F |
| 3BR | $5,640 | $4,043,772 | 0.14% | F |
U.S. Census Bureau data (2024)
The ZIP code 10001 is located in Manhattan, New York, NY, representing a vibrant and densely populated urban neighborhood. With a total population of 30,511, it stands out due to its high percentage of renters at 75.9%, indicating a strong demand for rental properties. The median household income in this area is notably high at $129,852, reflecting the affluent nature of the residents. This is further underscored by the median home value of $1,704,344, which is among the highest in the city, suggesting a robust real estate market.
Turning to the economic landscape of rentals, the Fair Market Rent (FMR) for ZIP 10001 in fiscal year 2024 is set at $3,940. However, the actual market rent, measured by Zillow's ZORI (Zestimate Owner Occupied Renter Index), is significantly higher at $5,574. This substantial gap between the FMR and the market rent highlights the potential for profit in this area, especially for those willing to engage in value-add strategies to enhance property appeal and justify higher rents.
The hands-off voucher operator would find this ZIP code challenging due to the disparity between FMR and market rent. Landlords who rely solely on Section 8 vouchers would be limited by the lower payment standards, potentially resulting in lower occupancy rates or reduced profitability compared to market conditions. On the other hand, a hands-on value-add buyer could capitalize on the affluent environment and high market rents by investing in property improvements and marketing efforts to attract tenants willing to pay above the FMR.
In conclusion, ZIP 10001 presents a complex investment scenario. While the high median income and rental demand offer opportunities, the significant difference between FMR and market rent suggests that success will likely depend on a landlord's willingness to actively manage and improve their properties. For those inclined towards a passive investment strategy, the returns might be less favorable given the constraints imposed by the voucher system. Conversely, for hands-on investors looking to add value, this ZIP code offers a promising avenue for generating higher yields and capital appreciation.
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.