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 |
|---|---|---|---|---|
| 2BR | $2,820 | $582,745 | 0.48% | F |
| 3BR | $3,570 | $750,908 | 0.48% | F |
| 4BR | $3,910 | $887,574 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 10308 in New York, NY, presents an interesting landscape for both renters and landlords. The median household income stands at $125,850, which provides insight into the financial capabilities of local residents. However, when juxtaposed against the market rent rate of $1,886 (as per Census ACS), the picture becomes more nuanced.
A household earning the median income would find the market rent rate of $1,886 quite manageable, representing approximately 15% of their annual income. This suggests that many households could comfortably afford market-rate rents without significant strain on their finances. Yet, the comparison shifts when considering the Fair Market Rent (FMR) standard set at $2,950 for zip code 10308 in fiscal year 2024.
The FMR benchmark is notably higher than the current market rate, indicating a potential affordability gap for renters who rely solely on market conditions. This gap could lead to increased competition among landlords, especially those willing to accept housing vouchers that align with the FMR. Given that only 20.2% of the 30,568 population are renters, landlords must carefully consider their target market to ensure occupancy rates remain stable.
For landlords strategizing between accepting housing vouchers versus cash-paying tenants, the data points to a strategic advantage in catering to both markets. While cash-paying tenants might offer immediate financial stability due to the lower market rent rate relative to median income, voucher acceptance can tap into a different segment of the rental market, potentially increasing the pool of available tenants and reducing vacancy periods.
Takeaway: Landlords in ZIP 10308 should be prepared to navigate a dual strategy, balancing the appeal of cash-paying tenants with the benefits of accepting housing vouchers. This approach will help them maintain competitive advantage and occupancy levels amidst the varying affordability pressures faced by renters.
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.