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 | $2,380 |
| 1 Bedroom | $2,510 |
| 2 Bedrooms | $2,730 |
| 3 Bedrooms | $3,450 |
| 4 Bedrooms | $3,790 |
| 5 Bedrooms | $4,396 |
| 6 Bedrooms | $4,924 |
| 7 Bedrooms | $5,318 |
| 8 Bedrooms | $5,584 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,510 | $253,845 | 0.99% | C |
| 2BR | $2,730 | $342,219 | 0.8% | D |
U.S. Census Bureau data (2024)
ZIP code 10458 covers the Belmont and Fordham Heights sections of the Bronx, a dense, transit-rich urban environment anchored by the Bronx Zoo and Fordham University. The area is defined by its bustling commercial corridors along Fordham Road and heavy reliance on the Jerome Avenue and Grand Concourse transit lines, providing extensive subway access to Manhattan. While the neighborhood is a major educational hub due to the presence of Fordham University, it is characterized by high population density and a predominantly rental housing stock.
Financially, the market shows a clear disconnect between market rates and HUD subsidies. The 2026 Full FMR for a 2BR unit is set at $2,650, while the current market rent (Zillow ZORI) sits at $2,796, resulting in a negative gap of $146 per month. With median home values at $424,407 and properties sitting on the market for a median of 113 days, investors face high entry costs relative to income. This gap suggests that standard voucher payments may not fully cover prevailing market rents for 2BR units in the immediate term.
Demand fundamentals remain intense, driven by a massive 95.8% renter share and a median household income of $40,800. This income disparity against local rents creates a strong, structural necessity for housing assistance programs. The neighborhood’s desirability is bolstered by proximity to high-ranking educational institutions and the convenience of multiple subway lines, ensuring a consistent pool of applicants who rely on vouchers to afford housing in this transit-located market.
The Section 8 verdict for 10458 leans toward stability rather than immediate cash flow. While the $146 negative gap on 2BR units is a hurdle, the overwhelming renter majority and low income levels suggest that voucher holders are the most reliable tenant class to ensure occupancy. Investors should view Section 8 here as a risk mitigation tool—securing consistent payments in a market where the local income base otherwise struggles to sustain high rent burdens without assistance.
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.