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 | $3,890 |
| 1 Bedroom | $4,100 |
| 2 Bedrooms | $4,460 |
| 3 Bedrooms | $5,640 |
| 4 Bedrooms | $6,190 |
| 5 Bedrooms | $7,180 |
| 6 Bedrooms | $8,042 |
| 7 Bedrooms | $8,685 |
| 8 Bedrooms | $9,119 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $5,640 | $712,161 | 0.79% | D |
U.S. Census Bureau data (2024)
The ZIP code 10523 presents a dynamic rental market with clear indications of ongoing housing pressures. The Fair Market Rent (FMR) for the area stands at $3500 for fiscal year 2024, which is notably higher than the Zillow Observed Rental Index (ZORI) of $2,832. This suggests that the official benchmark for affordable rents exceeds the actual market rates, indicating a potential gap between what is considered fair and what tenants can actually afford.
The median home value in ZIP 10523 is $678,807, which places significant financial strain on prospective homeowners. Given these figures, it's evident that the cost of living in this area favors renting over buying, especially for those with limited financial resources. The high FMR compared to the market rent also implies that there might be a shortage of affordable rental units, driving the ZORI below the FMR.
A 48.1% renter share in the population indicates a substantial portion of residents are renters, which is a key factor in sustaining a robust rental market. This high percentage of renters suggests that there is a continuous demand for rental properties, likely due to the high cost of homeownership and possibly because of job mobility or lifestyle preferences that favor renting.
The lack of specific data on price-cut shares and days on market (DOM) means we cannot definitively state whether supply outpaces demand or vice versa. However, the disparity between the FMR and ZORI, combined with the high renter share, points towards a market where demand for rental properties is strong. Landlords and small-portfolio investors should recognize that while rental prices may not reach the FMR, they are still operating in a market with considerable tenant interest.
In summary, ZIP 10523 is characterized by a strong rental market driven by high homeowner costs and a significant renter population. These dynamics create an environment where rental properties remain in high demand, making the area attractive for investment despite the challenges posed by regulatory benchmarks such as the FMR.
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.