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 | $3,830 |
| 1 Bedroom | $4,030 |
| 2 Bedrooms | $4,390 |
| 3 Bedrooms | $5,560 |
| 4 Bedrooms | $6,090 |
| 5 Bedrooms | $7,064 |
| 6 Bedrooms | $7,912 |
| 7 Bedrooms | $8,545 |
| 8 Bedrooms | $8,972 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $4,390 | $850,073 | 0.52% | F |
| 3BR | $5,560 | $1,543,768 | 0.36% | F |
| 4BR | $6,090 | $2,314,862 | 0.26% | F |
| 5BR | $7,064 | $3,528,302 | 0.2% | F |
U.S. Census Bureau data (2024)
The ZIP code 10580, located in Rye, NY, presents an interesting scenario when viewed from the renter's perspective. The median income for households in this area is $250,001, which is notably high. However, the market rate for rent, known as the ZORI (Zillow Rent Index), stands at $4,970. This figure represents the typical monthly rent a household might expect to pay in the area.
In comparison, the Fair Market Rent (FMR) for the ZIP code for fiscal year 2024 is set at $3,530. This is the amount that housing authorities will typically pay landlords on behalf of tenants who receive rental assistance through the Housing Choice Voucher program, commonly known as Section 8. The disparity between the ZORI and the FMR highlights a significant affordability gap for renters who rely on vouchers.
Roughly 27.6% of the 18,391 residents in Rye are renters. Given the high median income and the substantial difference between market rates and voucher payments, it becomes evident that landlords face stiff competition when it comes to attracting tenants who can afford market rates. However, there is also a notable segment of the population that may need to rely on voucher programs to secure housing.
The takeaway for landlords considering whether to accept voucher tenants or focus on those paying cash is clear: while the market rate of $4,970 is attractive, the FMR of $3,530 still represents a significant income. Landlords should weigh the benefits of steady, government-backed payments against the potential for higher rents from cash-paying tenants. Accepting voucher tenants can ensure a stable income stream and access to a portion of the rental market that would otherwise be out of reach due to the high cost of living in Rye.
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.