Section 8 Fair Market Rent (FMR) for ZIP 10703 - 2027
Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
Investment Score for ZIP 10703
D
Monthly Rent (2BR)
$2,760
Median Price (2BR)
$405,689
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $2,410 |
| 1 Bedroom | $2,540 |
| 2 Bedrooms | $2,760 |
| 3 Bedrooms | $3,490 |
| 4 Bedrooms | $3,830 |
| 5 Bedrooms | $4,443 |
| 6 Bedrooms | $4,976 |
| 7 Bedrooms | $5,374 |
| 8 Bedrooms | $5,643 |
Investment Analysis by Bedroom Size
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms |
Monthly FMR |
Median Price |
1% Rule |
Grade |
| 2BR |
$2,760 |
$405,689 |
0.68% |
D |
| 3BR |
$3,490 |
$647,754 |
0.54% |
F |
| 4BR |
$3,830 |
$750,469 |
0.51% |
F |
| 5BR |
$4,443 |
$867,734 |
0.51% |
F |
Demographics & Housing Statistics
U.S. Census Bureau data (2024)
Median Household Income
$89,773
To determine if you should buy in ZIP code 10703 (Yonkers, NY) for Section 8 investments, follow these steps:
- If the Fair Market Rent (FMR) of $1,980 clears debt service on a $607,610 property:
- Yes. This indicates that the rental income from a Section 8 tenant would cover the mortgage payments and other costs associated with owning the property. It is a financially viable option.
- If the FMR of $1,980 does not clear debt service on a $607,610 property:
- No. The rental income would be insufficient to cover the financial obligations of the property, leading to a potential loss.
- If the market rent ($3,034 ZORI) is above the FMR:
- It depends. While the market rent suggests higher profitability for non-Section 8 units, the FMR sets the limit for Section 8 rents. Consider the mix of tenants and whether the additional income from market-rate units can offset any shortfalls from Section 8 units.
- If the market rent ($3,034 ZORI) is at or below the FMR:
- Yes. There is less risk of having to lower your rent below the FMR, making it easier to attract and retain Section 8 tenants without significant financial strain.
- If there are 49.3% renters in the area and the days on market (DOM) is not available:
- It depends. With nearly half of the residents being renters, there is a substantial demand for rental properties. However, the lack of DOM data makes it difficult to assess how quickly properties are rented. Evaluate the local rental market trends and competition to make an informed decision.
Note: The viability of purchasing a property in ZIP 10703 for Section 8 tenants hinges on the financial compatibility between the FMR and the debt service of the property, the relationship between market rent and FMR, and the overall demand for rentals. Ensure that the FMR sufficiently covers your debt service, consider the implications of market rent relative to FMR, and research the local rental market to understand the dynamics of demand.
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.