| Unit Size | FY 2026 FMR |
|---|---|
| Studio (0 Bedroom) | $3,800 |
| 1 Bedroom | $3,990 |
| 2 Bedrooms | $4,370 |
| 3 Bedrooms | $5,470 |
| 4 Bedrooms | $5,950 |
Location: New York, NY
Metro Area: New York, NY HUD Metro FMR Area
Explore Section 8 payment standards in neighboring areas:
Cities Covered: This ZIP code covers New York.
FMR Rates (FY 2026):
Studio: $3,800 | 1BR: $3,990 | 2BR: $4,370 | 3BR: $5,470 | 4BR: $5,950
Median Property Prices & 1% Rule Analysis:
Market Overview: The 10028 ZIP code is a high-end rental market in Manhattan's Upper East Side, driven by young professionals (60%), families (20%), and luxury service workers (20%). Vacancy rates are extremely low at 1.5%, and rents have risen 8-10% year-over-year due to limited new construction and increasing demand for upscale living. Key market drivers include the area's high median household income, growing tech industry presence, and proximity to major employment hubs. The market is stable but recovering from a brief downturn in 2020.
Investment Takeaway: Investors targeting high-end rentals should focus on properties priced between $400-600k for 2BR units and $550-700k for 3BR units. These price ranges allow for gross yields of 7-9% with rent levels above $4,000/month for 2BR and $5,500/month for 3BR. Turnkey investments or light rehabs are ideal, as they can command top-tier rents while minimizing maintenance costs. Budget 12-15% of purchase price annually for property taxes, management fees, and vacancy reserves to ensure positive cash flow.
Key Considerations: This is a cash-flow market with high appreciation potential (4-6% annually). Screen tenants carefully using credit scores 750+, income verification at 3.5x rent, and thorough reference checks. Budget 10-12% of purchase price for annual maintenance, 5-7% for vacancy reserves, and expect property taxes of 1.2-1.5% of assessed value. Tenant quality is paramount in this market, so focus on long-term leases with established tenants to minimize late payments and evictions.