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 | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,280 | $652,143 | 0.5% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 10588 stands at $178,977, positioning it as a relatively affluent area. The market rate rent, according to the Census ACS, is $1,184. This figure represents a manageable expense for the average household, given their income level, suggesting that residents have disposable income beyond basic living costs.
However, when comparing the market rate to the Fair Market Rent (FMR) standard set by housing vouchers, which is $2,410 for ZIP 10588 in fiscal year 2024, there is a significant disparity. The voucher payment standard far exceeds the current market rate, making it financially advantageous for landlords to accept voucher tenants over those paying cash rent at market rates.
With 31.4% of the population being renters and a total population of 2,783, the demand for rental properties is present but not overwhelming. This means that landlords face competition for both voucher and cash-paying tenants. Given the higher guaranteed payment through vouchers, landlords can secure a more stable income source compared to relying on market-rate rents, which might fluctuate due to economic conditions.
The takeaway for landlords considering their strategy is clear: accepting housing vouchers can be a lucrative and less risky option. It not only helps in filling vacancies but also ensures a steady stream of income at a rate above the current market, thus providing an edge over competitors who might only cater to cash-paying tenants.
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.