Section 8 Fair Market Rent (FMR) for ZIP 10035 - 2027

Location: New York, NY | Metro: New York, NY HUD Metro FMR Area

Investment Score for ZIP 10035

Monthly Rent (2BR)

$2,690

Median Price (2BR)

$679,538

1% Rule

0.4%

Annual Yield

4.75%

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	$2,350
1 Bedroom	$2,470
2 Bedrooms	$2,690
3 Bedrooms	$3,400
4 Bedrooms	$3,730
5 Bedrooms	$4,327
6 Bedrooms	$4,846
7 Bedrooms	$5,234
8 Bedrooms	$5,496

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	$2,470	$526,386	0.47%	F
2BR	$2,690	$679,538	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

38,862

Median Household Income

$45,121

Housing Units

17,188

Renter Percentage

89.0%

Occupancy Rate

91.1%

Renter Occupied

13,939

The ZIP code 10035, located in the heart of Manhattan, New York, NY, is renowned for its vibrant urban environment, diverse cultural offerings, and proximity to key business districts. This area is highly sought after by renters and homeowners alike, making it a prime location for real estate investment.

Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 10035 for fiscal year 2024 is set at $2400. This figure represents the minimum rent level that landlords can charge under the Section 8 housing assistance program.
The market rent, as measured by Zillow's ZORI (Zillow Observed Rent Index), stands at $2,932 per month. This indicates that the actual rents being charged in the area exceed the FMR, suggesting strong demand and potentially lucrative opportunities for rental property owners.
The median home value in ZIP 10035 is $713,162. This high median value reflects the premium placed on owning property in this part of Manhattan, which could translate into higher property appreciation over time for investors.
Renters make up 89.0% of the population in ZIP 10035. The overwhelming majority of residents choosing to rent rather than buy underscores the robust rental market and the potential for steady cash flow from rental properties.
The median income in ZIP 10035 is $45,121. While this income level is relatively modest compared to the overall cost of living in Manhattan, it suggests that many residents rely on rental assistance programs like Section 8 to afford housing.

Investors looking to capitalize on the real estate market in ZIP 10035 should consider the significant gap between the Fair Market Rent and the actual market rent, indicating a strong rental market. The high median home value and the dominance of renters suggest a favorable climate for long-term rental investments. However, the reliance on rental assistance programs and lower median incomes highlight the importance of understanding the local tenant support landscape to ensure sustainable returns on investment.

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.