| Unit Size | FY 2026 FMR |
|---|---|
| Studio (0 Bedroom) | $3,450 |
| 1 Bedroom | $3,620 |
| 2 Bedrooms | $3,970 |
| 3 Bedrooms | $4,970 |
| 4 Bedrooms | $5,400 |
Location: New York, NY
Metro Area: New York, NY HUD Metro FMR Area
Explore Section 8 payment standards in neighboring areas:
Cities Covered: This ZIP code covers New York, Greenwich Village, Chelsea.
FMR Rates (FY 2026):
Studio: $3,450 | 1BR: $3,620 | 2BR: $3,970 | 3BR: $4,970 | 4BR: $5,400
Median Property Prices & 1% Rule Analysis:
Market Overview: The 10162 ZIP code is situated in the heart of Manhattan, serving as a hub for young professionals and families alike. The demographic breakdown shows 55% renters, with 40% being professionals, 30% families, 15% students, and 10% service workers. Vacancy rates remain low at 2.5%, while rents have risen 8-10% year-over-year due to strong demand and limited supply. Key drivers include the area's proximity to major employment centers, excellent public transportation, and an array of amenities. This market is considered stable, with steady job growth and a consistent influx of new residents contributing to its resilience.
Investment Takeaway: Investors can target 7-9% gross yield on 2BR units in the $380-480k range, focusing on turnkey rentals or light rehabs that command top-tier rents ($1,800+ for 2BR). Long-term investors should prioritize properties near major employers, transit hubs, and established neighborhoods with stable occupancy. Budget 10-12% of purchase price annually for maintenance, property taxes, and vacancy reserves to ensure positive cash flow.
Key Considerations: This is a primarily cash-flow market with moderate appreciation potential (2-4% annually). Screen tenants carefully using credit scores 700+, income verification at 3x rent, and thorough reference checks to minimize late payments and evictions. Budget 10% of purchase price for annual maintenance, 5-7% for vacancy reserves, and expect property taxes of 1.8-2.2% of assessed value.