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 | $2,500 |
| 1 Bedroom | $2,630 |
| 2 Bedrooms | $2,860 |
| 3 Bedrooms | $3,620 |
| 4 Bedrooms | $3,970 |
| 5 Bedrooms | $4,605 |
| 6 Bedrooms | $5,158 |
| 7 Bedrooms | $5,571 |
| 8 Bedrooms | $5,850 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,620 | $591,848 | 0.61% | D |
U.S. Census Bureau data (2024)
The rent math in ZIP code 10550 does not work favorably for landlords participating in the Section 8 program. The Fair Market Rent (FMR) set at $2210 for fiscal year 2024 is notably lower than the actual market rent, which stands at $2,543 according to the Zillow Observed Rent Index (ZORI).
Acquisition of properties in this area is moderately affordable. With a median home value of $557,867, the cost is significant but not prohibitive. However, the lack of data on days on market (DOM) and the low percentage of homes that have been subject to price cuts (0.1%) suggest a robust local real estate market, indicating that homes may be harder to acquire at bargain prices.
Tenant demand is strong in ZIP code 10550. The area has a population of 38,972, with a substantial 71.8% of residents being renters. This high proportion of renters signals a healthy market for rental properties, ensuring a steady pool of potential tenants.
Verdict: While there is a strong tenant demand in ZIP 10550, the disparity between the FMR and market rent makes participation in the Section 8 program less attractive for landlords. Acquiring properties in this area will likely require paying close to the median home value, given the limited opportunities for price negotiation. Landlords should carefully consider these factors before investing in this ZIP code under the Section 8 program.
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.