Section 8 Fair Market Rent (FMR) for ZIP 10465 - 2027

Investment Score for ZIP 10465

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,790
1 Bedroom	$2,940
2 Bedrooms	$3,200
3 Bedrooms	$4,050
4 Bedrooms	$4,440
5 Bedrooms	$5,150
6 Bedrooms	$5,768
7 Bedrooms	$6,229
8 Bedrooms	$6,540

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,940	$401,951	0.73%	D
2BR	$3,200	$520,001	0.62%	D
3BR	$4,050	$712,782	0.57%	F
4BR	$4,440	$784,515	0.57%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 10465 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 10465 in 2026 indicate that the rent for a two-bedroom apartment is set at $3040. This amount represents 41.5% of the median household income in the area, which stands at $87,985. The FMR for a three-bedroom unit is $3810, while a four-bedroom unit is priced at $4140. However, it’s important to note that these FMRs are significantly lower than the actual market rents. For instance, the Zillow median price for a two-bedroom apartment in this ZIP code is $516,573, which translates to a price-to-FMR ratio of 14.2x. This suggests that actual rents are much higher than the FMRs, making it challenging for Section 8 voucher holders to find suitable housing options within their budget constraints. #### Affordability & Renter Profile ZIP code 10465 has a population of 45,404, with 43.4% of residents being renters. The occupancy rate is high at 94.2%, indicating a tight rental market where demand outstrips supply. Given the median household income of $87,985, the majority of residents can afford market-rate rents, but the affordability gap for low-income families is stark. Section 8 voucher holders, who typically have incomes below 50% of the area median income, face significant challenges in finding affordable housing. The high price-to-FMR ratio means that landlords may be reluctant to accept vouchers due to the substantial difference between the FMR and market rates. #### Investor Angle From an investor perspective, the ZIP code 10465 presents a mixed picture when considering cash flow and investment grade. While the median household income is relatively high at $87,985, the actual rents are much higher than the FMRs. For example, the Zillow median price for a two-bedroom apartment is $516,573, which implies a monthly rent far above the FMR of $3040. This makes it difficult for investors to achieve positive cash flow if they rely solely on FMRs to set their rents. Additionally, the high price-to-FMR ratio indicates that the market is not aligned with government-set rent levels, potentially leading to fewer opportunities for Section 8 voucher holders to secure housing. Consequently, the investment grade for properties in this ZIP code would likely be lower if the focus is on attracting Section 8 tenants. #### Specific Actionable Insights 1. **Targeting High-Income Renters**: Given the high median household income and the tight rental market, investors should consider targeting high-income renters rather than relying on Section 8 vouchers. This strategy would likely result in better cash flow and higher returns on investment. 2. **Rent Stabilization**: Investors could explore rent-stabilized units, which are subject to rent control laws. These units often have lower rents compared to market-rate apartments, potentially aligning more closely with FMRs and making them more attractive to Section 8 voucher holders. 3. **Mixed-Income Developments**: Developing mixed-income buildings that cater to both market-rate and subsidized tenants could be a viable strategy. By including a mix of units, some at market rates and others at FMRs, investors can balance their overall cash flow while still providing affordable housing options. #### Bottom Line For Section 8-focused investors, ZIP code 10465 is a challenging market due to the significant disparity between FMRs and actual market rents. The high price-to-FMR ratio and tight rental market suggest that there are limited opportunities for positive cash flow when relying solely on Section 8 vouchers. Therefore, the recommendation for this ZIP code is to **Skip** if the primary focus is on Section 8 tenants. Instead, investors might want to consider other areas with a more favorable alignment between FMRs and market rents, or adopt a mixed-income development strategy to balance their investments.

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.