Section 8 Fair Market Rent (FMR) for ZIP 10032 - 2027

Investment Score for ZIP 10032

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	$2,280
1 Bedroom	$2,390
2 Bedrooms	$2,620
3 Bedrooms	$3,280
4 Bedrooms	$3,570
5 Bedrooms	$4,141
6 Bedrooms	$4,638
7 Bedrooms	$5,009
8 Bedrooms	$5,259

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	$2,390	$461,022	0.52%	F
2BR	$2,620	$561,995	0.47%	F
3BR	$3,280	$706,274	0.46%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 10032, New York, NY #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 10032, as set by HUD for 2026, is $2510 for a two-bedroom apartment. This amount represents 53.0% of the median household income in the area, which stands at $56,829. However, the actual rental market in 10032 is significantly higher, with Zillow reporting a median price for a two-bedroom apartment at $547,864. The price-to-FMR ratio is 18.2x, indicating that actual market rents are much higher than the FMR. For instance, a two-bedroom apartment priced at $547,864 would have a monthly rent of approximately $4565, far exceeding the $2510 FMR. This substantial gap means that tenants using Section 8 vouchers will face significant constraints in finding suitable housing. Landlords may be hesitant to accept vouchers due to the low reimbursement rates compared to market rents. #### Affordability & Renter Profile ZIP code 10032 has a high population density, with 55,610 residents. The area is predominantly a rental market, with 91.5% of households being renters. This indicates a strong demand for rental properties. Additionally, the occupancy rate of 92.7% suggests that the market is tight, with very few vacant units available. Given the median household income of $56,829, many residents likely struggle to afford market-rate rents. The high percentage of renters and occupancy rate imply that there is a constant need for affordable housing options, making it a challenging environment for those relying solely on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 10032 presents a mixed picture. While the market rents are high, the FMR is significantly lower. A two-bedroom apartment renting at the FMR of $2510 would generate a monthly income that is less than half of the market rent. To determine if this ZIP code is cash-flow positive at FMR, we must consider the typical expenses associated with property management and maintenance. Assuming a conservative estimate of 30% of the FMR for these expenses, the net income would be around $1757 per month. This is still below the market rent but can be viable for certain investors looking for long-term stability rather than immediate high returns. In terms of investment grade, the ZIP code 10032 would likely be considered speculative due to the high price-to-FMR ratio and the limited number of units that might be willing to accept Section 8 vouchers. Investors should carefully weigh the potential risks against the benefits of owning property in such a desirable location. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units like one-bedroom apartments, where the FMR is $2260. This could provide a better balance between market demand and the ability to secure tenants with Section 8 vouchers. 2. **Consider Renovation Projects**: If acquiring a property at a discount, consider renovation projects that can bring it up to market standards while still keeping the rent within the FMR range. This approach can help attract voucher holders who are looking for quality living spaces. 3. **Engage with Local Housing Authorities**: Building relationships with local housing authorities can provide insights into the availability of vouchers and the likelihood of securing tenants through this program. This can also help navigate the complexities of accepting Section 8 vouchers. #### Bottom Line For investors focusing on Section 8 vouchers, the ZIP code 10032 is a challenging market due to the high price-to-FMR ratio and the limited number of units that might be willing to accept vouchers. The recommendation for this ZIP code is to **Skip** unless you are prepared to deal with the complexities and risks involved. If you do decide to invest, focus on smaller units and consider renovation projects to maximize your chances of attracting voucher holders. Engaging with local housing authorities can also be beneficial in navigating this 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.