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 | $3,370 |
| 1 Bedroom | $3,550 |
| 2 Bedrooms | $3,860 |
| 3 Bedrooms | $4,880 |
| 4 Bedrooms | $5,350 |
| 5 Bedrooms | $6,206 |
| 6 Bedrooms | $6,951 |
| 7 Bedrooms | $7,507 |
| 8 Bedrooms | $7,882 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,550 | $398,904 | 0.89% | C |
| 2BR | $3,860 | $467,082 | 0.83% | C |
| 3BR | $4,880 | $640,766 | 0.76% | D |
| 4BR | $5,350 | $789,267 | 0.68% | D |
| 5BR | $6,206 | $923,490 | 0.67% | D |
U.S. Census Bureau data (2024)
Putnam Valley, NY, located in ZIP code 10579, stands out among other areas due to its unique demographic and economic characteristics. With a population of 9,019 residents, only 9.4% of whom rent their homes, the area has a predominantly owner-occupied housing stock. The median household income in Putnam Valley is $132,500, reflecting a relatively affluent community. Additionally, the median home value is notably high at $604,977, indicating that homeownership is a significant aspect of the local economy.
The economics of Section 8 vouchers in Putnam Valley are particularly interesting. The Fair Market Rent (FMR) for the area, set at $3,120 for fiscal year 2024, is significantly higher than the average market rent of $2,638, based on Census American Community Survey data. This suggests that landlords who accept Section 8 vouchers can expect to receive higher rental payments compared to the typical market rates, which could be an attractive proposition for property owners looking to stabilize their cash flows.
Despite the high costs associated with living in Putnam Valley, the voucher program offers a substantial subsidy to tenants, making it possible for them to afford housing in this expensive market. For landlords, this means a reliable source of income with minimal risk of vacancy, as the demand for affordable housing remains strong even in affluent areas.
The data signature of Putnam Valley reads as stable. With a high median income and median home value, the area is likely to continue attracting homeowners who can afford the local real estate prices. The low percentage of renters indicates that the transient population is minimal, further supporting the stability of the local housing market. However, the presence of Section 8 vouchers provides a necessary safety net for those who might otherwise struggle to find affordable housing, ensuring that there is a mix of housing options available for all residents.
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.