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 |
|---|---|---|---|---|
| 2BR | $2,730 | $576,120 | 0.47% | F |
| 3BR | $3,450 | $732,444 | 0.47% | F |
| 4BR | $3,790 | $742,367 | 0.51% | F |
| 5BR | $4,396 | $854,761 | 0.51% | F |
U.S. Census Bureau data (2024)
New York 10466, located in the Wakefield section of the Bronx, is a densely urban neighborhood characterized by a mix of multi-family homes and apartment buildings. This area serves as a critical residential hub within the borough, offering a commute-centric lifestyle for residents working in Manhattan and Westchester County. While the specific private major employer within the immediate ZIP limits is less prominent, the neighborhood's economy is heavily anchored by its proximity to the robust New York City transit network and regional healthcare infrastructure, particularly Montefiore Medical Center facilities which serve the broader Bronx community.
From a strictly numerical standpoint, 10466 presents a challenging spread for voucher operators. The HUD Fair Market Rent (FMR) for a 2-bedroom unit in FY2026 is set at $2,750, while current market rents (Zillow ZORI) sit higher at $2,821. This creates a $71 negative gap between the standard subsidy and prevailing market rates. Investors must note the HUD SAFMR is $2550, significantly below both figures. Real estate values here are substantial, with a median home value of $658,360 and a median 2BR sale price of $565,374. However, liquidity is slower, with properties sitting on the market for a median of 92 days.
The tenant pool is large, with 60.1% of households renting, yet the median household income of $65,969 suggests a working-class demographic that may require rental assistance despite moderate earnings. This income level, combined with high rental demand, supports a consistent need for affordable housing options. The neighborhood's appeal is bolstered by access to local public schools and the 2 and 5 subway lines, which connect residents to major employment hubs, sustaining occupancy levels even in a slower sales market.
The Section 8 verdict for 10466 is cautious; the play is less about immediate cash flow and more about long-term asset stability and coverage. With the gap between market rent and FMR at $71, standard vouchers will not cover full market rent without a tenant contribution, which may be difficult given the area's income profile. Investors should focus on acquiring properties below the $658,360 median value to improve the cap rate, rather than relying on rent premiums, to ensure viable returns in this dense Bronx enclave.
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.