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 | $2,360 |
| 1 Bedroom | $2,480 |
| 2 Bedrooms | $2,700 |
| 3 Bedrooms | $3,420 |
| 4 Bedrooms | $3,740 |
| 5 Bedrooms | $4,338 |
| 6 Bedrooms | $4,859 |
| 7 Bedrooms | $5,248 |
| 8 Bedrooms | $5,510 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,480 | $240,062 | 1.03% | B |
| 2BR | $2,700 | $376,330 | 0.72% | D |
| 3BR | $3,420 | $771,508 | 0.44% | F |
U.S. Census Bureau data (2024)
The ZIP code 10471 in New York, NY, presents a dynamic rental market with clear indications of how supply and demand interact. The Fair Market Rent (FMR) for the area stands at $2,840 for fiscal year 2024, while the Zillow Observed Rent Index (ZORI) reflects a slightly lower average market rent of $2,725. This suggests that the market rent is closely aligned with the FMR, indicating a stable pricing environment without significant overvaluation or undervaluation.
A key metric to consider is the price-cut share, which is only 0.1%. This low figure implies that landlords are generally not needing to reduce their asking rents to attract tenants, a sign that demand is robust relative to supply. While the days on market (DOM) data is not available, the fact that there is minimal need for price reductions indicates that units are likely being filled relatively quickly.
The median home value in ZIP 10471 is $432,959. This figure provides insight into the overall cost of living and property values in the area, suggesting that homeownership remains accessible to a broad range of residents, even if it's not necessarily the most common form of housing. With a 40.6% renter share, we can infer that a significant portion of the population prefers or is compelled to rent rather than buy. This high percentage of renters contributes to sustained long-term housing pressure, as it reflects an ongoing demand for rental properties.
In conclusion, the market in ZIP 10471 shows signs of demand keeping pace with or potentially outpacing supply, particularly in the rental sector. The strong rental market and the high renter share indicate a steady flow of tenants looking for affordable housing options, making it a viable investment opportunity for landlords and small-portfolio investors.
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.