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 | $2,430 |
| 1 Bedroom | $2,550 |
| 2 Bedrooms | $2,780 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $3,860 |
| 5 Bedrooms | $4,478 |
| 6 Bedrooms | $5,015 |
| 7 Bedrooms | $5,416 |
| 8 Bedrooms | $5,687 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,550 | $405,868 | 0.63% | D |
| 2BR | $2,780 | $597,448 | 0.47% | F |
U.S. Census Bureau data (2024)
To integrate ZIP 10040 into a Section 8 portfolio strategy, consider it primarily as a cash-flow anchor. The Family Monthly Income (FMI) for ZIP 10040 in fiscal year 2024 is set at $2450 by HUD, which contrasts sharply with the average market rent of $2,764. This $314 spread indicates that properties in this area can generate a steady, predictable cash flow when leased under the Section 8 program.
The median home value in ZIP 10040 is $489,590, suggesting that the real estate market here is robust and likely to maintain its value over time. However, the primary focus should be on the rental aspect, where the Section 8 rate is lower than the market rate, ensuring a reliable income stream despite the slightly higher property values.
ZIP 10040's 0.1% price-cut share and N/A-day Days on Market (DOM) indicate that there is little need for aggressive pricing or long-term vacancy management, further supporting its role as a cash-flow anchor. Landlords can expect to fill vacancies quickly without having to reduce rents significantly below the market rate.
While the 84.1% renter share and median income of $65,516 suggest that this area could also serve as a diversifier, the key metric for Section 8 landlords is the guaranteed income from the government. The relatively high market rent compared to the Section 8 rate provides a cushion against potential market fluctuations, making it a stable part of any investment portfolio.
In summary, ZIP 10040 is best positioned as a cash-flow anchor due to its favorable spread between the FMR and market rent, quick vacancy fills, and strong real estate values. This makes it an ideal choice for landlords looking to secure consistent rental income while minimizing risk.
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.