| Unit Size | FY 2026 FMR |
|---|---|
| Studio (0 Bedroom) | $3,120 |
| 1 Bedroom | $3,270 |
| 2 Bedrooms | $3,590 |
| 3 Bedrooms | $4,500 |
| 4 Bedrooms | $4,880 |
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.
FMR Rates (FY 2026):
Studio: $3,120 | 1BR: $3,270 | 2BR: $3,590 | 3BR: $4,500 | 4BR: $4,880
Median Property Prices & 1% Rule Analysis:
Market Overview: The 10278 ZIP code is a densely populated area in Upper Manhattan with a diverse tenant base. The primary demographic breakdown includes 40% professionals, 30% families, 15% students, and 15% service workers. Vacancy rates are relatively low at 3%, driven by strong demand from local universities and employment hubs. Rents have grown 5-7% year-over-year, fueled by steady population growth, limited new construction, and high living costs in the area. The market is stable, with a mix of long-term residents and short-term renters. Property values are relatively high, making it essential for investors to carefully select properties with potential for high-quality tenants.
Investment Takeaway: Investors can target 7-9% gross yield on 2BR units in the $400-500k range, focusing on light rehabs or turnkey rentals that command top-tier rents ($1,800+). Long-term investors should prioritize properties near Columbia University and major employment centers, budgeting 10-12% of purchase price annually for maintenance, taxes, and vacancy reserves. Short-term investors can focus on 2BR units in the $350-450k segment; long-term investors may consider 3BR properties in the $500-600k range if rents exceed $2,200/month.
Key Considerations: This market is primarily driven by cash flow with moderate appreciation potential (4-6% annually). Screen tenants carefully using credit scores 700+, income verification at 3x rent, and thorough reference checks. 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. Late or unpaid rent is the dominant risk in this market, so tenant quality trumps cosmetic upgrades. Consider professional property management (8-10% of rent) if investing remotely, but note that hands-on landlords who can maintain properties cost-effectively will achieve the highest net yields.