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 | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,620 | $553,804 | 0.47% | F |
| 3BR | $3,280 | $790,805 | 0.41% | F |
| 4BR | $3,570 | $1,230,543 | 0.29% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 10307 in New York, NY, for fiscal year 2024 is set at $2210. This figure represents the maximum amount that a landlord can charge a tenant who participates in the Section 8 housing choice voucher program. It's important to note that this is not the actual rent you'll receive; it's the payment standard used to determine the subsidy amount.
In comparison, the average rent for the area based on recent Census American Community Survey (ACS) data is $1821. This suggests that the FMR is higher than the typical market rate, which could be beneficial for landlords participating in the Section 8 program. However, it also means that you might need to make some adjustments to ensure your property meets the quality standards required by the program.
ZIP 10307 has a strong demand for rental properties, with 15.8% of the population being renters. This indicates that there is a significant portion of the population looking for housing options, including those eligible for Section 8 vouchers. Given the high FMR, this demand translates into a potential income of approximately $834,688 per year if you were to have multiple units rented through the Section 8 program. To put this into perspective, this is the total amount you would receive annually if all your units were rented at the FMR rate.
Before deciding to participate in the Section 8 program, it's crucial to verify that your property complies with the Housing Quality Standards (HQS). These standards ensure that the rental unit is safe and habitable. A thorough inspection will help you avoid any issues that could delay the process or result in fines.
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.