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 | $2,550 |
| 1 Bedroom | $2,680 |
| 2 Bedrooms | $2,920 |
| 3 Bedrooms | $3,700 |
| 4 Bedrooms | $4,050 |
| 5 Bedrooms | $4,698 |
| 6 Bedrooms | $5,262 |
| 7 Bedrooms | $5,683 |
| 8 Bedrooms | $5,967 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,680 | $257,911 | 1.04% | B |
| 2BR | $2,920 | $411,635 | 0.71% | D |
| 3BR | $3,700 | $667,078 | 0.55% | F |
U.S. Census Bureau data (2024)
Located in the northwest Bronx, ZIP code 10463 encompasses the vibrant neighborhoods of Kingsbridge and Riverdale, offering a blend of urban density and suburban proximity along the Hudson River. The area is defined by its easy access to Manhattan and strong institutional anchors, including the sprawling campus of NewYork-Presbyterian/Columbia University Irving Medical Center, which serves as a major local employer and stabilizes the surrounding rental market. This district attracts a diverse mix of families and medical professionals seeking quieter living arrangements with quick transit access to the city core.
From a financial perspective, the math presents a clear subsidy gap. The HUD Fair Market Rent (FMR) for a 2-bedroom unit in FY2026 is set at $2,860, while the current market rent (Zillow ZORI) sits at $2,887, resulting in a nominal shortfall of just $27 per month. Investors should note the higher median home value of $373,799 compared to the median 2BR sale price of $415,418, indicating that larger multifamily assets carry a premium. With properties lingering for a median of 112 days on market, inventory moves at a moderate, manageable pace rather than seeing rapid bidding wars.
The tenant pool is robust, driven by a high renter share of 64.6% and a median household income of $74,974. This income level suggests that while many residents can afford market rates, a significant portion of the population remains eligible for or seeking housing assistance. Demand is bolstered by the area’s reputable public schools, including high-performing institutions like the Bronx High School of Science, and convenient transit options via the 1 and 4 subway lines, making the location particularly attractive for voucher holders prioritizing education and commute times.
For Section 8 investors, the strongest angle here is stability rather than aggressive cash-flow. The nearly identical alignment between the FY2026 FMR ($2,860) and market rent ($2,887) means vouchers cover nearly the full standard rent, minimizing out-of-pocket gaps for tenants. Given the institutional employment base and high renter concentration, this ZIP offers a defensive play with consistent demand, rather than a high-yield gamble.
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.