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 | $3,340 |
| 1 Bedroom | $3,510 |
| 2 Bedrooms | $3,820 |
| 3 Bedrooms | $4,830 |
| 4 Bedrooms | $5,300 |
| 5 Bedrooms | $6,148 |
| 6 Bedrooms | $6,886 |
| 7 Bedrooms | $7,437 |
| 8 Bedrooms | $7,809 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,830 | $843,087 | 0.57% | F |
| 4BR | $5,300 | $941,356 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 10607 presents a dynamic rental market with strong indications that demand may be outpacing supply. The Fair Market Rent (FMR) for the area, set at $2,610 for fiscal year 2024, is notably higher than the reported market rent of $2,141 based on Census American Community Survey (ACS) data. This gap suggests that there is upward pressure on rents, likely due to limited inventory or high tenant competition.
The median home value in ZIP 10607 stands at $807,236. While this figure alone doesn't directly indicate the balance between supply and demand, it reflects the overall economic strength of the area, which can support higher rents and property values. A robust median home value often correlates with a stable and potentially growing rental market, especially when considering the percentage of renters in the area.
With an 18.5% renter share, ZIP 10607 has a significant portion of its population living in rented properties. This metric implies a steady long-term housing pressure, as a larger proportion of residents are tenants rather than homeowners. In such a scenario, landlords and small-portfolio investors can expect consistent demand for rental units, provided they offer competitive pricing and quality accommodations.
The data points towards a market where landlords can maintain relatively high rents without needing to significantly reduce prices to attract tenants, as evidenced by the lack of available data on price-cut shares and days on market (DOM). This stability, coupled with the higher FMR, indicates that the rental market in 10607 is resilient and may continue to support current pricing levels, barring any significant changes in local economic conditions.
In summary, ZIP 10607's rental market is characterized by a strong demand for housing, supported by high median home values and a substantial renter population. These factors create a favorable environment for landlords and investors looking to capitalize on the ongoing housing dynamics in the area.
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.