Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,470 |
| 1 Bedroom | $2,600 |
| 2 Bedrooms | $2,830 |
| 3 Bedrooms | $3,580 |
| 4 Bedrooms | $3,930 |
| 5 Bedrooms | $4,559 |
| 6 Bedrooms | $5,106 |
| 7 Bedrooms | $5,514 |
| 8 Bedrooms | $5,790 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,600 | $378,305 | 0.69% | D |
| 2BR | $2,830 | $528,056 | 0.54% | F |
U.S. Census Bureau data (2024)
The HUD Fair Market Rent (FMR) for ZIP 10034 in the New York, NY, New York County HUD Metro FMR Area for fiscal year 2024 is set at $2,510. In contrast, the market rent, measured by ZORI (Zillow Observed Rent Index), stands at $2,424. This indicates that voucher tenants in this area can generally cashflow at the FMR rate, with a slight buffer over the market rent.
To further analyze the investment potential, consider the median home value in ZIP 10034, which is $456,318. Using this figure, we can calculate the rent-to-price ratio. With an average monthly rent of $2,424, the annual rent would be approximately $29,088. Dividing this by the median home value yields a rent-to-price ratio of roughly 6.37%, suggesting that rental income alone may not fully offset the cost of property ownership, but it does provide a reasonable return relative to the purchase price.
The data provided does not include the median Days on Market (DOM) or the percentage of properties that require price cuts. However, given the strong rental market in ZIP 10034, these metrics likely indicate a robust demand for rental properties, supporting the idea that Section 8 vouchers can help stabilize occupancy rates and ensure steady cash flow.
In conclusion, the strongest investor angle for ZIP 10034 is stability. The HUD FMR provides a reliable income stream that slightly exceeds market rents, ensuring consistent cash flow for landlords and small-portfolio investors. This stability is crucial in a high-cost metropolitan area like New York, where maintaining occupancy and managing expenses are critical for long-term success.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.