Section 8 Fair Market Rent (FMR) for ZIP 10473 - 2027

Investment Score for ZIP 10473

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	$2,280
1 Bedroom	$2,390
2 Bedrooms	$2,620
3 Bedrooms	$3,280
4 Bedrooms	$3,570
5 Bedrooms	$4,141
6 Bedrooms	$4,638
7 Bedrooms	$5,009
8 Bedrooms	$5,259

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
2BR	$2,620	$401,240	0.65%	D
3BR	$3,280	$593,320	0.55%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 10473 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 10473 are set by HUD for the year 2026. For a two-bedroom apartment, the FMR is $2,510, which represents 57.4% of the median household income of $52,462. This indicates that the FMR is designed to be affordable for a significant portion of the population. However, the actual rent levels in the area can vary significantly from these figures. To understand how FMR compares to actual rents, we need to consider the Zillow median price for a two-bedroom property, which stands at $402,786. The price-to-FMR ratio for a two-bedroom unit is 13.4x, suggesting that the actual market value of properties is much higher than the FMR. This means that landlords who participate in the Section 8 program must accept rental rates that are substantially lower than what they could potentially charge on the open market. The constraints for voucher holders include the fact that they are limited to paying no more than 30% of their adjusted income towards rent. For a household earning the median income of $52,462, this would amount to approximately $1,311 per month. Therefore, voucher holders in ZIP 10473 face a significant challenge in finding housing that fits within their budget, especially given that the FMR is already higher than what they can afford. #### Affordability & Renter Profile ZIP code 10473 has a high renter percentage of 71.4%, indicating that it is primarily a rental market. With an occupancy rate of 97.2%, the market is tight, suggesting that there is little vacancy and a high demand for rental units. Given the median household income of $52,462, many residents likely rely on government assistance such as Section 8 vouchers to make ends meet. The high renter percentage combined with the tight occupancy rate suggests that the market is undersupplied relative to demand. This makes it challenging for renters, particularly those with limited incomes, to find suitable housing. The FMR for a two-bedroom unit being $2,510 is already a significant portion of the median income, further highlighting the affordability issues faced by residents. #### Investor Angle From an investor’s perspective, participating in the Section 8 program in ZIP code 10473 can be considered cash-flow positive if the rental rates align closely with the FMR. However, the actual market value of properties, as indicated by the Zillow median price of $402,786, is much higher than the FMR. This implies that while the monthly rental income might be sufficient to cover operating costs and provide a modest return, the overall investment yield is likely to be lower compared to other investment opportunities. The investment grade for this ZIP code would depend on several factors, including the cost of acquisition, operating expenses, and potential appreciation. Given the high price-to-FMR ratio, the initial investment required to purchase a property is substantial relative to the rental income it will generate under the Section 8 program. Therefore, investors should carefully assess their financial situation and long-term goals before committing to this market. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on smaller units such as one-bedroom apartments. The FMR for a one-bedroom unit is $2,260, which is still a significant portion of the median income but less than the two-bedroom FMR. This could help mitigate some of the financial pressures associated with the high property values. 2. **Consider Property Location**: Within ZIP code 10473, certain areas may offer better rental yields due to varying property values. Investors should conduct thorough location-specific research to identify neighborhoods where property values are closer to the FMR, thus providing a more favorable investment opportunity. 3. **Engage with Local Real Estate Agents**: To navigate the complexities of the Section 8 program and the local rental market, investors should engage with local real estate agents who have experience working with both voucher holders and landlords. These agents can provide valuable insights into the dynamics of the market and help investors find properties that are well-suited for Section 8 tenants. #### Bottom Line For Section 8-focused investors, ZIP code 10473 presents a mixed picture. While the high demand for rental units and the tight market conditions suggest strong occupancy, the high price-to-FMR ratio and the significant upfront investment required make it a challenging market. Given the data, the recommendation for investors would be to **Hold**. This means that while there are opportunities to invest in the market, the returns may not justify the high initial investment. Investors should carefully evaluate the potential risks and rewards before making any decisions. In summary, ZIP code 10473 is a tight rental market with a high demand for affordable housing. The high price-to-FMR ratio indicates that investors should proceed with caution, focusing on smaller units and engaging with local experts to maximize their chances of success.

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.