Section 8 Fair Market Rent (FMR) for ZIP 10031 - 2026

Market Analysis for ZIP 10031

Cities Covered: This ZIP code covers New York.

FMR Rates (FY 2026):
Studio: $2,380 | 1BR: $2,500 | 2BR: $2,740 | 3BR: $3,430 | 4BR: $3,730

Median Property Prices & 1% Rule Analysis:

• 2BR Properties: Median price ~$300,000
  1% Rule: $2,740 ÷ $300,000 = 0.42% 👎 Below 1% Rule
• 3BR Properties: Median price ~$380,000
  1% Rule: $3,430 ÷ $380,000 = 0.52% 👎 Below 1% Rule

Market Overview: The 10031 ZIP code is a mid-range rental market in Manhattan's Upper West Side, driven by young professionals (55%), families (25%), and service workers (20%). Vacancy rates are moderate at 3.5%, and rents have risen 4-6% year-over-year due to stable demand and limited new construction. 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 experiencing steady growth.

Investment Takeaway: Investors targeting mid-range rentals should focus on properties priced between $250-400k for 2BR units and $350-500k for 3BR units. These price ranges allow for gross yields of 7-9% with rent levels above $2,800/month for 2BR and $4,000/month for 3BR. Turnkey investments or light rehabs are ideal, as they can command top-tier rents while minimizing maintenance costs. Budget 10-12% 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 moderate appreciation potential (2-4% annually). Screen tenants carefully using credit scores 700+, income verification at 3x rent, and thorough reference checks. Budget 10-12% of purchase price for annual maintenance, 5-7% for vacancy reserves, and expect property taxes of 1.0-1.3% 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.