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 | $2,830 |
| 1 Bedroom | $2,980 |
| 2 Bedrooms | $3,240 |
| 3 Bedrooms | $4,100 |
| 4 Bedrooms | $4,490 |
| 5 Bedrooms | $5,208 |
| 6 Bedrooms | $5,833 |
| 7 Bedrooms | $6,300 |
| 8 Bedrooms | $6,615 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,240 | $602,566 | 0.54% | F |
| 3BR | $4,100 | $782,088 | 0.52% | F |
| 4BR | $4,490 | $1,094,032 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 10309 in New York, NY, presents an interesting balance between yield and stability for real estate investors. The Fair Market Rent (FMR) for 2024 is set at $2,990, which is significantly higher than the market rent of $1,879. This difference suggests that properties in this area can benefit from Section 8 contracts, providing a higher rental income compared to the open market. However, the median home value of $790,572 indicates a relatively expensive market, which could affect the overall profitability if acquisition costs are considered.
On the stability axis, 10309 has a substantial 23.7% of its population renting, which supports a robust demand for rental housing. The lack of data on the number of days on market (DOM) makes it challenging to assess the speed of property turnover, but the average household income of $116,098 implies a financially stable tenant base. This income level should provide confidence in the ability of tenants to meet their rental obligations consistently.
To classify the market, consider the following:
The FMR of $2,990 is considerably above the market rent of $1,879, indicating a potential for higher yields when using Section 8 contracts. This is a strong point for maximizing cash flow.
The median home value of $790,572 and the average income of $116,098 suggest a stable economic environment. While the percentage of renters is notable, the absence of DOM data limits the assessment of short-term volatility.
In summary, ZIP 10309 leans towards being a steady-cashflow zone, given the high FMR relative to market rent and the presence of a financially stable tenant population. Despite the high home values, the income levels support the likelihood of sustained demand and reliable payments, making it a suitable location for landlords and small-portfolio investors seeking consistent returns.
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.