Section 8 Fair Market Rent (FMR) for ZIP 10022 - 2027

Location: New York, NY | Metro: New York, NY HUD Metro FMR Area

Investment Score for ZIP 10022

Monthly Rent (2BR)

$4,460

Median Price (2BR)

$1,444,447

1% Rule

0.31%

Annual Yield

3.71%

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	$3,890
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

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	$4,100	$756,416	0.54%	F
2BR	$4,460	$1,444,447	0.31%	F
3BR	$5,640	$2,438,876	0.23%	F
4BR	$6,190	$3,915,160	0.16%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

34,049

Median Household Income

$172,026

Housing Units

25,715

Renter Percentage

48.0%

Occupancy Rate

73.1%

Renter Occupied

9,018

The ZIP code 10022, located in the heart of New York City, is a vibrant and bustling area known for its upscale apartments and condominiums. Nestled within Manhattan, it offers prime real estate opportunities for both landlords and small-portfolio investors looking to capitalize on the strong rental market and high property values.

The Fair Market Rent (FMR) for ZIP 10022 in fiscal year 2024 is set at $4,130, which provides a benchmark for affordable housing units in the area.
The market rent, as indicated by the Zillow Observed Rent Index (ZORI), stands at $4,631. This figure reflects the actual rents being charged for similar properties, suggesting a premium over the FMR.
The median home value in ZIP 10022 is a substantial $1,107,483, indicating a high-end residential market where property investments can command significant equity appreciation.
Renters make up 48.0% of the population in this ZIP code, showing a balanced mix between homeowners and renters, but with a notable share of tenants who prefer leasing over purchasing.
The Days on Market (DOM) for listings in this area averages 109 days, which is relatively long compared to other parts of the city, possibly due to the competitive nature of the market and stringent tenant selection processes.
The median income for residents in ZIP 10022 is a robust $172,026, providing evidence of a financially stable tenant base capable of paying higher rents.

Investors considering properties in ZIP 10022 should note the premium commanded by market rents over the FMR, suggesting a lucrative opportunity for those willing to cater to the higher-end rental market. The high median home value indicates potential for capital growth, while the substantial median income supports the ability of tenants to meet higher rental costs. However, the longer-than-average DOM might necessitate a strategic approach to pricing and marketing properties to ensure swift occupancy. Overall, ZIP 10022 presents a compelling investment opportunity for those interested in the upper echelons of the New York City real estate market.

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.