Section 8 Fair Market Rent (FMR) for ZIP 10033 - 2027

Investment Score for ZIP 10033

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	$2,320
1 Bedroom	$2,440
2 Bedrooms	$2,660
3 Bedrooms	$3,370
4 Bedrooms	$3,690
5 Bedrooms	$4,280
6 Bedrooms	$4,794
7 Bedrooms	$5,178
8 Bedrooms	$5,437

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	$2,440	$465,684	0.52%	F
2BR	$2,660	$676,187	0.39%	F
3BR	$3,370	$887,134	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 10033 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 10033 in 2026 indicate that a two-bedroom apartment should rent for $2600 per month. However, the Zillow median price for a two-bedroom property is $664,043, which translates to a monthly rental cost of approximately $2260 if we assume a typical rental yield of 5%. This suggests that the actual rents are significantly lower than the FMR, creating a gap where voucher holders might struggle to find affordable housing. The constraints for voucher holders include the fact that landlords can charge up to the FMR, but many units may be priced higher than what voucher recipients can afford based on their income. #### Affordability & Renter Profile ZIP code 10033 has a high renter population of 84.2%, indicating a strong demand for rental properties. The occupancy rate of 92.4% further supports this conclusion, suggesting that the market is tight and there is little excess supply. With a median household income of $75,040, the affordability of a two-bedroom unit at $2600 per month is challenging, as it represents 41.6% of the median income. This implies that renters must allocate a significant portion of their earnings towards housing costs, leaving less disposable income for other expenses. Given the high renter percentage and occupancy rate, it is clear that the market is well-supplied but still competitive, particularly for those relying on Section 8 vouchers. #### Investor Angle From an investor perspective, the ZIP code 10033 presents a mixed picture. The FMR for a two-bedroom unit is $2600, which is well below the Zillow median price of $664,043. The price-to-FMR ratio of 21.3x indicates that the investment would be highly leveraged against rental income. To determine if this ZIP is cash-flow positive at FMR, we need to consider the typical rental yields and operating costs. Assuming a 5% rental yield, the expected monthly rental income from a $664,043 property would be around $2770. However, with the FMR cap at $2600, investors would have to rely on the lower FMR to cover their mortgage payments and operating costs. If the average mortgage payment and operating costs exceed $2600, then the investment would not be cash-flow positive at FMR. Given the high price-to-FMR ratio, the investment grade for this ZIP code is likely low. Investors seeking stable cash flows and positive returns may find it challenging to achieve these goals within the FMR constraints. Additionally, the high demand for rentals could lead to competition among landlords, potentially driving down rental rates below FMR levels. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as studios or one-bedroom apartments. For example, the FMR for a one-bedroom unit is $2370, which is closer to the expected rental income from a property purchased at the Zillow median price. This could provide a better chance of achieving cash flow positivity. 2. **Consider Location-Specific Strategies**: Within ZIP code 10033, certain sublocations may offer better rental yields due to varying property values. Conducting a detailed neighborhood analysis could help identify areas where properties are undervalued relative to the FMR, providing opportunities for positive cash flow. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 10033 is to **Skip**. The high price-to-FMR ratio and the challenging affordability for voucher holders make it difficult to achieve positive cash flow. While there is a strong demand for rentals, the tight market conditions and high property values suggest that investing in this ZIP code may not be financially viable under the current FMR guidelines.

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.