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 | $3,210 |
| 1 Bedroom | $3,380 |
| 2 Bedrooms | $3,680 |
| 3 Bedrooms | $4,660 |
| 4 Bedrooms | $5,100 |
| 5 Bedrooms | $5,916 |
| 6 Bedrooms | $6,626 |
| 7 Bedrooms | $7,156 |
| 8 Bedrooms | $7,514 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,380 | $1,085,527 | 0.31% | F |
| 2BR | $3,680 | $1,977,096 | 0.19% | F |
U.S. Census Bureau data (2024)
The ZIP code 10282 in New York, NY, presents a challenging rental market scenario for households. The median income here is $250,001, which places residents in a higher income bracket. However, the market rate for rent, known as the ZORI (Zillow Observed Rent Index), stands at $7,570. This high figure suggests that many renters might find it difficult to afford the average rent without financial assistance.
In comparison, the Fair Market Rent (FMR) for ZIP 10282, set at $3,710 for fiscal year 2024, represents the maximum amount that a household receiving a housing voucher would be required to pay towards rent. This FMR is significantly lower than the market rate, indicating a substantial affordability gap for renters.
With a high percentage of renters at 89.4% and a total population of 5,887, the competition among landlords in this area is likely intense. Landlords who offer properties at or below the FMR will have a competitive edge in attracting tenants, especially those who rely on housing vouchers.
The takeaway for landlords considering their strategy should focus on the realities of the affordability gap. Offering properties at the FMR level can attract voucher holders, ensuring steady occupancy. Alternatively, targeting the remaining 10.6% of non-renters, who might be homeowners or others with higher disposable incomes, could also be viable but requires understanding the local demand for luxury rentals or homes for sale.
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.