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 | $3,090 |
| 1 Bedroom | $3,250 |
| 2 Bedrooms | $3,540 |
| 3 Bedrooms | $4,480 |
| 4 Bedrooms | $4,910 |
| 5 Bedrooms | $5,696 |
| 6 Bedrooms | $6,380 |
| 7 Bedrooms | $6,890 |
| 8 Bedrooms | $7,235 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,480 | $897,197 | 0.5% | F |
| 4BR | $4,910 | $1,135,772 | 0.43% | F |
U.S. Census Bureau data (2024)
A decision tree for whether to buy in ZIP code 10590 for Section 8 purposes hinges on three key factors: Fair Market Rent (FMR), market rent comparison, and rental demand indicators.
1) Does FMR of $3040 cover the debt service on an $885,826 property?
Yes: The FMR of $3040 for ZIP 10590 in fiscal year 2024 can potentially cover the debt service on a property valued at $885,826. To make this determination, you must calculate your expected monthly debt service costs. If these costs are less than or equal to $3040, then the answer is yes.
No: If the monthly debt service costs exceed $3040, the FMR will not sufficiently cover your expenses, making this ZIP code a poor choice for Section 8 properties.
2) Is the market rent of $2,223 above, at, or below FMR?
Above FMR: If the market rent exceeds the FMR, it indicates that tenants might prefer renting in the private market over Section 8, reducing the likelihood of finding Section 8 tenants willing to pay the FMR rate.
At or Below FMR: If the market rent is at or below the FMR, there's a better chance that Section 8 tenants will find the property affordable and suitable, aligning with their rent subsidies.
3) Are 7.2% of renters plus N/A-day days on market (DOM) sufficient indicators of demand?
It Depends: With only 7.2% of the population identified as renters, demand for rental properties might be limited. However, the lack of data on days on market (DOM) means we cannot accurately assess how quickly properties are being rented. If other indicators such as occupancy rates and tenant stability suggest strong demand, the 7.2% figure may be acceptable. Otherwise, consider the low renter percentage a warning sign.
In conclusion, the decision to invest in ZIP 10590 for Section 8 properties is contingent upon the answers to these questions. If FMR covers your debt service, market rent is at or below FMR, and there are signs of sufficient demand, the investment could be worthwhile. Otherwise, proceed with caution.
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.