Section 8 Fair Market Rent (FMR) for ZIP 10019 - 2027

Investment Score for ZIP 10019

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$3,860
1 Bedroom	$4,060
2 Bedrooms	$4,420
3 Bedrooms	$5,590
4 Bedrooms	$6,130
5 Bedrooms	$7,111
6 Bedrooms	$7,964
7 Bedrooms	$8,601
8 Bedrooms	$9,031

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$4,060	$935,546	0.43%	F
2BR	$4,420	$1,808,281	0.24%	F
3BR	$5,590	$3,565,910	0.16%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 10019, New York, NY #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 10019 in 2026 indicate that the rent for a two-bedroom apartment is set at $4080. However, the Zillow median price for a two-bedroom property in this area is $1,764,720, which translates to a price-to-FMR ratio of 36.0x. This means that the actual rental prices are significantly higher than the FMR, making it challenging for tenants with Section 8 vouchers to find suitable housing. The FMR represents only a small fraction of what landlords can charge in this highly competitive market. For instance, a landlord could easily demand a rent of $147,000 annually based on the Zillow median price, compared to the FMR of $4080 per month. This discrepancy highlights the constraints faced by voucher holders who must navigate a market where rents far exceed their subsidy limits. #### Affordability & Renter Profile ZIP code 10019 has a population of 44,942, with 79.2% of residents being renters. The median household income is $128,559, indicating a relatively affluent demographic. Given that the FMR for a two-bedroom apartment is $4080, which is 38.1% of the median income, it suggests that even without subsidies, renting a two-bedroom unit would be a significant portion of a resident’s income. This tight market is further compounded by the high occupancy rate of 80.6%, meaning there is little room for new entrants, especially those relying solely on Section 8 vouchers. The majority of renters in this area likely have higher incomes or additional financial resources to cover the substantial gap between FMR and actual rental costs. #### Investor Angle From an investor perspective, the ZIP code 10019 presents a unique challenge due to the high price-to-FMR ratio. While the median home value is extremely high at $1,764,720, the FMRs are much lower. For example, a two-bedroom apartment's FMR is $4080, which is only about 1/36th of the Zillow median price. This implies that landlords who rely solely on FMRs would face significant cash flow challenges, as the rental income would not cover the mortgage payments or other expenses associated with owning such expensive properties. Therefore, the investment grade for this ZIP code is low for Section 8-focused investors, as the potential returns do not align well with the high purchase prices. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units like studios or one-bedroom apartments. The FMR for a one-bedroom apartment is $3720, which is still a fraction of the overall market value but might provide slightly better cash flow opportunities compared to larger units. 2. **Consider Mixed-Income Developments**: Investors could explore mixed-income developments where a portion of the units are rented at market rates while others are reserved for Section 8 voucher holders. This strategy allows for balancing the higher rents needed to cover expenses with the subsidized rents, potentially creating a more sustainable financial model. 3. **Evaluate Long-Term Appreciation Potential**: Despite the immediate cash flow concerns, investors should evaluate the long-term appreciation potential of properties in this ZIP code. With a median household income of $128,559 and a high percentage of renters, there is a strong likelihood that property values will continue to rise, providing capital gains over time. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 10019 is to **skip**. The high price-to-FMR ratio makes it difficult to achieve positive cash flow, and the tight market conditions mean that finding tenants willing to accept the FMR is unlikely. Instead, investors should look for areas with a more favorable balance between FMR and actual rental prices, or consider alternative investment strategies that can leverage the high property values in this area.

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.