Section 8 Fair Market Rent (FMR) for ZIP 10037 - 2027

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

Investment Score for ZIP 10037

Monthly Rent (2BR)

$2,670

Median Price (2BR)

$663,835

1% Rule

0.4%

Annual Yield

4.83%

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	$2,330
1 Bedroom	$2,450
2 Bedrooms	$2,670
3 Bedrooms	$3,380
4 Bedrooms	$3,700
5 Bedrooms	$4,292
6 Bedrooms	$4,807
7 Bedrooms	$5,192
8 Bedrooms	$5,452

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	$2,450	$524,537	0.47%	F
2BR	$2,670	$663,835	0.4%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

19,031

Median Household Income

$49,153

Housing Units

10,924

Renter Percentage

90.3%

Occupancy Rate

91.4%

Renter Occupied

9,014

The ZIP code 10037, located in New York, NY, is a vibrant part of Manhattan known for its diverse neighborhoods, cultural attractions, and bustling commercial areas. This region offers significant opportunities for real estate investors, particularly those interested in rental properties due to its high renter occupancy rate and favorable Fair Market Rent (FMR) values.

Average Fair Market Rent (FMR) for ZIP 10037 in fiscal year 2024 is set at $2460. This figure represents the benchmark for affordable housing and suggests that rental properties can command higher rates if not under subsidized programs.
The Census Bureau's American Community Survey (ACS) indicates that the average market rent for units in ZIP 10037 is $1,445. This is significantly below the FMR, indicating potential for increased rental income through strategic pricing.
The median home value in ZIP 10037 stands at $566,561. This reflects the overall property value in the area and supports the potential for capital appreciation in real estate investments.
Renters make up 90.3% of the population in this ZIP code, highlighting the strong demand for rental properties over homeownership options.
The median household income in ZIP 10037 is $49,153. While this figure is relatively modest compared to other parts of Manhattan, it still supports a robust rental market, especially for budget-friendly units.

In summary, ZIP 10037 presents a compelling opportunity for real estate investment, particularly in rental properties. The high renter share and favorable FMR suggest strong demand for rental units, while the median home value indicates a stable market with potential for capital gains. Strategic pricing above the current market rent could leverage the higher FMR to maximize returns, but investors should be mindful of the local income levels when setting rents.

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.