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 | $2,910 |
| 1 Bedroom | $3,060 |
| 2 Bedrooms | $3,330 |
| 3 Bedrooms | $4,210 |
| 4 Bedrooms | $4,620 |
| 5 Bedrooms | $5,359 |
| 6 Bedrooms | $6,002 |
| 7 Bedrooms | $6,482 |
| 8 Bedrooms | $6,806 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,060 | $377,641 | 0.81% | C |
| 2BR | $3,330 | $547,603 | 0.61% | D |
| 3BR | $4,210 | $698,170 | 0.6% | D |
| 4BR | $4,620 | $842,457 | 0.55% | F |
| 5BR | $5,359 | $983,276 | 0.55% | F |
U.S. Census Bureau data (2024)
The ZIP code 10562, located in Ossining, NY, has a population of 33,793 residents, with 40.1% being renters. This indicates that there is a significant portion of the population who rely on rental housing, making it a moderately renter-heavy area. The median household income in this ZIP is $115,697, which provides insight into the financial capabilities of potential tenants.
Typical market rent in this area stands at $3,043 per month, representing approximately 26.3% of the median household income. This ratio suggests that while rents are relatively high compared to the income level, they are still manageable for a majority of the local population. However, for those receiving Section 8 vouchers, the situation differs significantly. The Fair Market Rent (FMR) for ZIP 10562, as determined for FY 2024, is set at $2,490. This figure is notably lower than the market rent, indicating that tenants with vouchers would find it challenging to cover the cost of typical rentals without additional support.
The discrepancy between the FMR and the market rent highlights the scarcity of affordable units for voucher holders. Landlords in this area should prepare for a tenant pool that includes individuals and families who are likely to be seeking assistance through Section 8 vouchers due to the high cost of living relative to the FMR. These tenants will require properties that meet the criteria for subsidized housing, including rent amounts that align with the FMR.
To attract and retain tenants with vouchers, landlords must ensure their properties comply with HUD standards and are willing to accept the lower rent rates associated with the subsidy. This can be particularly important in an area where the market rent exceeds the FMR by such a margin, as it reflects the broader economic landscape where housing costs are a significant portion of income even for non-voucher recipients.
In conclusion, landlords in ZIP 10562 should anticipate a tenant base that includes a mix of individuals who can afford market rents and those who need assistance through Section 8 vouchers. While the ZIP is moderately renter-heavy, the high market rent relative to both the median income and the FMR points to a challenging environment for voucher holders. Landlords who adapt to these conditions by offering affordable units will have a better chance of securing stable tenancy.
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.