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 | $2,500 |
| 1 Bedroom | $2,630 |
| 2 Bedrooms | $2,860 |
| 3 Bedrooms | $3,620 |
| 4 Bedrooms | $3,970 |
| 5 Bedrooms | $4,605 |
| 6 Bedrooms | $5,158 |
| 7 Bedrooms | $5,571 |
| 8 Bedrooms | $5,850 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,860 | $458,085 | 0.62% | D |
| 3BR | $3,620 | $578,888 | 0.63% | D |
U.S. Census Bureau data (2024)
The ZIP code 10303 in New York, NY, which falls under the New York, NY HUD Metro FMR Area, can be best categorized as an appreciation play within a Section 8 portfolio strategy. This designation is based on several key factors derived from the latest available data.
Firstly, the spread between the Fair Market Rent (FMR) and the market rent is minimal. For fiscal year 2024, the FMR stands at $2780, while the market rent is slightly higher at $2901. This close alignment suggests that properties in this ZIP code are already priced near their maximum allowable rent under the Section 8 program, leaving little room for significant price increases but ensuring that the rents collected are competitive with the local market.
Secondly, the median home value in ZIP 10303 is $547,239, indicating a relatively stable housing market. While high property values might suggest a cash-flow anchor due to potentially higher mortgage payments, the low 0.1% price-cut share and the non-applicable day DOM (Days on Market) indicate that properties are not frequently discounted and sell quickly when listed, suggesting strong demand and stability in the housing market.
The renter share of 34.8% and the median income of $83,947 further support the appreciation play thesis. The moderate renter share means that there is a substantial owner-occupied population, which contributes to neighborhood stability. Additionally, the median income figure implies that residents have the financial capacity to maintain property values through steady employment and economic activity.
In conclusion, ZIP 10303 is positioned as an appreciation play in a Section 8 portfolio strategy. Landlords and small-portfolio investors should expect modest rental growth aligned with market rates and a stable housing environment that supports long-term asset value appreciation.
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.