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 | $2,960 |
| 1 Bedroom | $3,110 |
| 2 Bedrooms | $3,390 |
| 3 Bedrooms | $4,290 |
| 4 Bedrooms | $4,700 |
| 5 Bedrooms | $5,452 |
| 6 Bedrooms | $6,106 |
| 7 Bedrooms | $6,594 |
| 8 Bedrooms | $6,924 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,390 | $858,499 | 0.39% | F |
| 3BR | $4,290 | $1,453,747 | 0.3% | F |
| 4BR | $4,700 | $2,049,567 | 0.23% | F |
| 5BR | $5,452 | $2,974,531 | 0.18% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 10538, Larchmont, NY, for fiscal year 2024 is set at $2,690. This figure represents the payment standard under the Section 8 housing program, which is the maximum amount that the government will pay towards your tenant's rent. It does not reflect the actual rent you can charge your tenants; rather, it ensures that you receive a fair compensation for renting to participants in the Section 8 program.
To put this into context, the average rent in Larchmont, NY, according to the latest Census American Community Survey (ACS) data, is $2,236. This means that the FMR is slightly higher than the typical market rate, providing a buffer for landlords who might otherwise find the program less profitable. The difference between the FMR and the average rent indicates that participating in Section 8 could still be financially viable, even if you're not charging above-market rates.
Larchmont has a relatively low renter share at 21.7%, which suggests that the majority of residents own their homes. However, this also means there is a steady demand for rental properties among those who do rent, making it a stable market for landlords. With an acquisition cost of approximately $1,672,629 for a property in this area, it's important to understand that the FMR is designed to help cover your expenses and provide a reasonable profit margin, given the investment required.
Before committing to a Section 8 rental, verify that your property meets all the necessary quality standards and safety requirements set by the Housing Quality Standards (HQS). These inspections ensure that your property is in good condition and safe for tenants, and failing these can result in non-payment or penalties. Once you confirm compliance with HQS, you can proceed with confidence knowing that your investment will be protected and that you'll receive the agreed-upon FMR payment from the government.
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.