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 | $3,800 |
| 1 Bedroom | $4,000 |
| 2 Bedrooms | $4,350 |
| 3 Bedrooms | $5,510 |
| 4 Bedrooms | $6,040 |
| 5 Bedrooms | $7,006 |
| 6 Bedrooms | $7,847 |
| 7 Bedrooms | $8,475 |
| 8 Bedrooms | $8,899 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $4,000 | $1,041,677 | 0.38% | F |
U.S. Census Bureau data (2024)
The ZIP code 10018 stands out due to its unique demographic and economic characteristics. With a population of 8,559 residents, it boasts an exceptionally high rental rate of 88.9%, indicating that the majority of its inhabitants prefer leasing over homeownership. The median income in this area is $145,958, which is notably higher than the national average, reflecting a relatively affluent community. However, the median home value is even more striking at $1,307,170, suggesting that despite the high incomes, the cost of homeownership is significantly elevated.
Moving to the specifics of Section 8 housing assistance, the Fair Market Rent (FMR) for ZIP 10018 for fiscal year 2024 is set at $4,130. This figure represents the maximum amount that landlords can receive through the voucher program for a unit in this ZIP code. In contrast, the Zillow Observed Rental Index (ZORI), which reflects the actual market rent, is $4,941. This discrepancy means that landlords participating in the Section 8 program in ZIP 10018 will receive less than the market rate for their properties. Despite this, the program remains attractive to many landlords because it provides a stable source of income and ensures timely payments, mitigated by the fact that the voucher amount covers a substantial portion of the market rent.
The data signature for ZIP 10018 reads as "stable." The high median income and rental rates indicate a consistent demand for housing, particularly rentals, which supports a steady stream of tenants. Additionally, the significant difference between the FMR and the ZORI suggests a robust market where landlords might be willing to accept lower rents for the security and reliability of the Section 8 program. Overall, while landlords in this ZIP code may see slightly lower returns compared to market rates, the stability and financial backing provided by the Section 8 program make it a viable option for those seeking long-term, dependable tenancy.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.