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 | $1,294,718 | 0.32% | F |
| 2BR | $4,460 | $2,611,093 | 0.17% | F |
| 3BR | $5,640 | $5,095,961 | 0.11% | F |
| 4BR | $6,190 | $9,267,078 | 0.07% | F |
U.S. Census Bureau data (2024)
ZIP code 10014, located in New York, NY, falls within the broader New York, NY HUD Metro FMR Area. Its Fair Market Rent (FMR) for fiscal year 2024 is set at $4,130. This figure represents the threshold above which a unit is considered unaffordable for low-income households under federal housing assistance programs.
The market rent in ZIP 10014 stands at $5,502, indicating that the actual rental rates in this area exceed the FMR by a significant margin. This suggests that 10014 is likely a premium sub-market within the metro area, where rents are considerably higher than what the government deems fair for subsidized housing.
The median home value in 10014 is $1,812,622. This high valuation places it firmly in the premium category, aligning with the expectation of high-end real estate in such a central location. The home values reflect the overall cost of living and property desirability in this part of Manhattan.
The renter share in ZIP 10014 is 69.6%, which is notably high. In many cases, a high renter share with lower-than-average home values would signal a potential Section 8 sweet spot. However, given the premium home values in 10014, this high renter share suggests a concentration of renters who may be seeking affordable options within an otherwise expensive neighborhood.
To further contextualize, let's consider typical metrics for ZIP codes within the New York, NY HUD Metro FMR Area. If we assume that average FMRs across the metro are lower than $4,130 and average market rents are closer to the FMR, then ZIP 10014 stands out as a premium sub-market. The divergence between its high FMR and even higher market rents, combined with its elevated home values, clearly indicates a prime location that commands a premium in both rental and home purchase markets.
The high renter share could imply that there is a significant demand for rental units in this area, possibly driven by the limited affordability of homeownership. For landlords and small-portfolio investors, this presents an opportunity to capitalize on the high rental demand, although the competition for tenants willing to pay market rates is likely intense.
In summary, ZIP 10014 is a premium sub-market within the New York, NY HUD Metro FMR Area, characterized by high FMRs, market rents, and home values. Despite the high renter share, it is unlikely to be a value pocket due to its overall premium positioning.
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.