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 | $2,460 |
| 1 Bedroom | $2,590 |
| 2 Bedrooms | $2,820 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $3,910 |
| 5 Bedrooms | $4,536 |
| 6 Bedrooms | $5,080 |
| 7 Bedrooms | $5,486 |
| 8 Bedrooms | $5,760 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,570 | $629,563 | 0.57% | F |
| 4BR | $3,910 | $676,363 | 0.58% | F |
U.S. Census Bureau data (2024)
ZIP 10302, located within the HUD Metro FMR Area of New York, NY, presents a unique opportunity for inclusion in a Section 8 portfolio strategy. This ZIP code should be considered a cash-flow anchor due to the significant spread between the Fair Market Rent (FMR) and the market rent. For fiscal year 2024, the HUD FMR for ZIP 10302 is set at $2520, which is notably higher than the current market rent of $1800.
The spread between the FMR and the market rent means that properties in ZIP 10302 can command higher rental rates through Section 8 vouchers compared to the local market. This makes the ZIP an attractive area for landlords and small-portfolio investors looking to stabilize their cash flow. With a median home value of $626,567, the area is relatively expensive, yet the rental market is still affordable, suggesting strong demand for subsidized housing options.
While ZIP 10302 does not present a significant appreciation play, given the lack of data on price-cut shares and days on market (DOM), it stands out as a reliable cash-flow generator. The high FMR relative to market rent ensures steady income without the need for frequent rent adjustments or market-rate fluctuations.
Additionally, ZIP 10302 can serve as a diversifier in a broader investment strategy. With a 44.9% renter share and a median income of $78,263, there is a substantial tenant pool that can benefit from Section 8 subsidies. This demographic suggests a mix of working-class individuals and families who are likely to be long-term tenants, further stabilizing the cash flow of any Section 8-focused portfolio.
In summary, ZIP 10302 is best suited as a cash-flow anchor within a Section 8 portfolio strategy. Its ability to generate stable, higher-than-market rental income, combined with a robust tenant base, makes it a solid choice for investors seeking consistent returns and financial security.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.