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 | $2,940 |
| 1 Bedroom | $3,090 |
| 2 Bedrooms | $3,370 |
| 3 Bedrooms | $4,270 |
| 4 Bedrooms | $4,670 |
| 5 Bedrooms | $5,417 |
| 6 Bedrooms | $6,067 |
| 7 Bedrooms | $6,552 |
| 8 Bedrooms | $6,880 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 5BR | $5,417 | $3,649,427 | 0.15% | F |
U.S. Census Bureau data (2024)
ZIP code 10577, located within the New York, NY HUD Metro FMR Area, exhibits characteristics that place it firmly in the premium sub-market segment of the region. The Fair Market Rent (FMR) for 10577 is set at $2,810 for fiscal year 2024, which aligns closely with the overall metro area's FMR standards. However, the median home value of $2,164,911 significantly exceeds average home values found across most ZIP codes within the larger New York metro area.
The absence of market rent data suggests that either rental activity is minimal or the data is not sufficiently robust to provide an accurate figure. This can be interpreted as further evidence of the premium nature of the real estate in this ZIP, where homeownership is likely preferred over renting due to the high property values.
The low renter share of 0.9% in ZIP 10577 indicates that it is primarily a homeowner-dominated community. In contrast, typical ZIP codes within the New York, NY HUD Metro FMR Area often have higher renter shares, reflecting the broader trend towards urban living and renting in densely populated areas.
A premium sub-market like 10577 would typically offer limited opportunities for Section 8 housing due to its high home values and low renter share. However, the high FMR relative to other ZIP codes in the area might suggest that rental units, when available, are priced at a level that could attract Section 8 tenants. Yet, the scarcity of rentals and the high cost of homes imply that this ZIP is unlikely to be considered a value pocket or a mid-tier neighborhood for Section 8 investments.
To conclude, 10577 stands out as a premium sub-market within the New York, NY HUD Metro FMR Area, characterized by high home values and a low renter share. While the FMR is indicative of high rental costs, the limited rental stock means that landlords and small-portfolio investors should focus on other ZIP codes with higher renter shares for potential Section 8 opportunities.
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.