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 | $2,680 |
| 1 Bedroom | $2,820 |
| 2 Bedrooms | $3,070 |
| 3 Bedrooms | $3,880 |
| 4 Bedrooms | $4,260 |
| 5 Bedrooms | $4,942 |
| 6 Bedrooms | $5,535 |
| 7 Bedrooms | $5,978 |
| 8 Bedrooms | $6,277 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,820 | $353,911 | 0.8% | D |
| 2BR | $3,070 | $748,260 | 0.41% | F |
| 3BR | $3,880 | $939,663 | 0.41% | F |
| 4BR | $4,260 | $1,205,847 | 0.35% | F |
| 5BR | $4,942 | $1,630,092 | 0.3% | F |
U.S. Census Bureau data (2024)
The ZIP code 10591, located in Tarrytown, NY, presents an interesting landscape for both renters and landlords. The median income in this area stands at $104,984, which is relatively high. However, when compared to the market rate for rent, which is $3,425 per month (ZORI), it becomes clear that the cost of living is quite steep.
To put this into perspective, let’s consider the financial burden on a typical household. At $3,425 per month, the annual rent would amount to $41,100. This represents approximately 39% of the median household income. While this percentage is manageable for some households, it leaves little room for other expenses such as utilities, food, healthcare, and savings.
Now, let’s look at how this compares to the voucher payment standard of Fair Market Rent (FMR) set at $2,410 per month for the fiscal year 2024. This means that a household receiving a housing voucher would be expected to pay up to $2,410 per month in rent. The difference between the market rate ($3,425) and the voucher payment standard ($2,410) highlights a significant affordability gap for renters. Landlords must decide whether to accept vouchers at a lower rate or aim for higher rents from cash-paying tenants.
In ZIP 10591, where 51.8% of the population are renters, the competition among landlords is fierce. With a total population of 23,926, nearly half of these individuals rely on rental properties. This high concentration of renters means that landlords who offer more affordable options may attract a larger pool of potential tenants, even if the rent is closer to the FMR rather than the market rate.
The takeaway for landlords considering their strategy is clear. While accepting vouchers may result in lower monthly income, it can ensure steady occupancy and reduce vacancy rates. In contrast, pursuing cash-paying tenants might yield higher immediate returns but could lead to prolonged vacancies in a competitive market. Landlords should weigh these factors carefully and consider diversifying their portfolio to include both voucher and cash-pay units to balance risk and reward.
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.