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 | $2,510 |
| 1 Bedroom | $2,650 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,640 |
| 4 Bedrooms | $3,990 |
| 5 Bedrooms | $4,628 |
| 6 Bedrooms | $5,183 |
| 7 Bedrooms | $5,598 |
| 8 Bedrooms | $5,878 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,880 | $615,489 | 0.47% | F |
| 3BR | $3,640 | $698,525 | 0.52% | F |
| 4BR | $3,990 | $758,560 | 0.53% | F |
U.S. Census Bureau data (2024)
Located in the Northeast Bronx, ZIP code 10469 encompasses the vibrant neighborhoods of Allerton and Pelham Gardens. This area is characterized by a mix of Art Deco co-ops, brick multi-family buildings, and single-family homes, offering a quieter, residential alternative to the bustling urban core nearby. A key local institution serving the community is the Montefiore Medical Center’s Moses Division, located just south in the Wakefield area, which provides a stable employment base and continuous demand for housing from healthcare professionals.
From a financial perspective, the gap between the Housing Choice Voucher payment standards and market rents is the primary consideration. The FY2026 HUD Fair Market Rent for a 2-bedroom unit is set at $2,830, while the current market rent (Zillow ZORI) sits at $2,800. This creates a narrow gap of only $30 in favor of the voucher, suggesting that rents here are already high relative to the government benchmark. For property owners, the median home value stands at $691,912, with a median 2BR sale price of $607,901. Properties are moving at a moderate pace, with a median of 61 days on market. Given the high entry price and the slim $30 rent premium, strictly relying on voucher payments over market rates will not generate significant cash flow upside.
Demand drivers, however, remain robust. The area boasts a 49.3% renter share alongside a median household income of $76,020, indicating a population that can support housing costs but still requires affordable options. Local amenities include proximity to Pelham Bay Park, the largest public park in New York City, which offers extensive recreational opportunities. The neighborhood is served by the 2 and 5 subway lines at the Pelham Parkway station, facilitating a reasonable commute to Manhattan, while local schools generally hold solid ratings, attracting long-term families.
For Section 8 investors, 10469 offers a play on stability and occupancy rather than aggressive cash-flow. The investor angle here is risk mitigation; with voucher payments effectively matching market rates, landlords gain the security of government-subsidized payments without sacrificing income. The high median income and established infrastructure suggest low vacancy risk, but the $691,912 median home value means yields will be compressed. This is a hold-for-appreciation play where the subsidy serves as an insurance policy against economic downturns.
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.