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 | $2,540 |
| 1 Bedroom | $2,670 |
| 2 Bedrooms | $2,910 |
| 3 Bedrooms | $3,680 |
| 4 Bedrooms | $4,040 |
| 5 Bedrooms | $4,686 |
| 6 Bedrooms | $5,248 |
| 7 Bedrooms | $5,668 |
| 8 Bedrooms | $5,951 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,910 | $604,762 | 0.48% | F |
| 3BR | $3,680 | $751,005 | 0.49% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 10464, located in New York, NY, specifically in Bronx County, are structured around the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $2600 for fiscal year 2024. This SAFMR is the specific rental rate established for this particular ZIP code, ensuring it reflects local housing market conditions accurately.
To clarify the payment process for landlords, the actual reimbursement received from a Section 8 voucher is calculated based on the SAFMR, the local market rent, and the tenant's portion of the rent. In ZIP 10464, the local market rent for a two-bedroom unit is reported at $1,826 according to the Census ACS (American Community Survey).
The voucher program aims to cover the difference between what a low-income family can afford and the SAFMR. Typically, tenants contribute 30% of their adjusted income towards rent. For example, if a tenant has an adjusted monthly income of $1,000, they would pay $300 towards rent. The remainder of the rent is covered by the voucher, up to the SAFMR limit. If the local market rent is below the SAFMR, the voucher will cover the difference between the market rent and the tenant's contribution.
In ZIP 10464, with a local market rent of $1,826, if a landlord charges this amount, the government would reimburse the landlord for the difference between the tenant's contribution and the market rent, not exceeding the SAFMR of $2600. Thus, if the tenant contributes $300, the government would cover the remaining $1,526, bringing the total reimbursement close to the market rent but not exceeding the SAFMR.
Utility allowances are also factored into the overall reimbursement. These allowances vary but are generally designed to help cover the cost of utilities such as electricity, gas, water, and sewerage. The exact amount depends on the region and type of dwelling, but it is added to the total reimbursement to the landlord.
Given these parameters, landlords in ZIP 10464 can expect a typical reimbursement gap when the local market rent is below the SAFMR. In this case, there is no surplus; rather, the reimbursement aligns closely with the market rent. Landlords receive a predictable income stream that matches the local rental market, ensuring that properties remain competitive and attractive to potential tenants.
The reimbursement gap or surplus is minimal in ZIP 10464 due to the local market rent being significantly lower than the SAFMR. Landlords should anticipate receiving a total reimbursement of approximately $1,826 for a two-bedroom apartment, which includes the tenant's portion and any applicable utility allowances. This structure ensures landlords are compensated fairly while keeping rents affordable for tenants.
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.