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 | $2,560 |
| 1 Bedroom | $2,690 |
| 2 Bedrooms | $2,930 |
| 3 Bedrooms | $3,710 |
| 4 Bedrooms | $4,060 |
| 5 Bedrooms | $4,710 |
| 6 Bedrooms | $5,275 |
| 7 Bedrooms | $5,697 |
| 8 Bedrooms | $5,982 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,710 | $829,173 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 10507 represents a suburban neighborhood located in Westchester County, New York. It is characterized by a relatively small population of 6,109 residents, with nearly 40% of them being renters. The median income in this area stands at a robust $107,270, indicating a middle to upper-middle class demographic. The median home value is also high, at $793,492, reflecting the overall wealth and property appreciation in the region.
Turning to the economic realities of renting in 10507, the Fair Market Rent (FMR) set by HUD for the fiscal year 2024 is $2,460. This figure is notably higher than the reported market rent from the Census ACS, which is $1,942. The discrepancy between these two figures suggests a strong demand for rental properties in the area, potentially driven by the high cost of homeownership and the relative affordability of renting compared to purchasing.
Given these dynamics, 10507 would be suitable for both hands-off voucher operators and hands-on value-add buyers. For those looking to operate without much involvement, the higher FMR compared to market rent means that landlords can likely find tenants willing to pay the voucher rate, ensuring steady cash flow with minimal effort. On the other hand, for investors interested in actively managing their properties and enhancing their value, there is room to increase rents towards the FMR level, particularly if they can offer superior amenities or maintenance standards. This could lead to higher returns over time, though it requires a greater commitment to property management and improvement.
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.