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 | $2,560 |
| 1 Bedroom | $2,690 |
| 2 Bedrooms | $2,930 |
| 3 Bedrooms | $3,710 |
| 4 Bedrooms | $4,060 |
| 5 Bedrooms | $4,710 |
| 6 Bedrooms | $5,275 |
| 7 Bedrooms | $5,697 |
| 8 Bedrooms | $5,982 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,930 | $539,444 | 0.54% | F |
| 3BR | $3,710 | $731,774 | 0.51% | F |
| 4BR | $4,060 | $825,964 | 0.49% | F |
| 5BR | $4,710 | $939,485 | 0.5% | F |
U.S. Census Bureau data (2024)
The ZIP code 10704 in Yonkers, NY, stands out within Westchester County due to its unique demographic and economic profile. With a population of 31,921 residents, 39.1% of whom are renters, it has a median income of $106,786 and a median home value of $654,703. These figures suggest a mixed-income community where homeownership is relatively affordable compared to other areas in the county.
In terms of Section 8 vouchers, the Fair Market Rent (FMR) for ZIP 10704 is set at $2,290 for the fiscal year 2024. This amount is notably lower than the market rent, as indicated by the Zillow Rent Index (ZORI), which stands at $3,063. The disparity between the FMR and market rent highlights a significant challenge for landlords and small-portfolio investors seeking to participate in the Section 8 program. To attract tenants, properties must be priced below the market rate, which can impact profitability. However, the program also provides a stable source of rental income through direct payments from the government, ensuring that landlords receive consistent rent checks.
The data signature for ZIP 10704 reads as stable. The median income and home values indicate a balanced residential market, while the high percentage of renters suggests a steady demand for affordable housing options. For landlords and investors, the key decision point will be balancing the potential for higher market rents against the stability and predictability offered by the Section 8 program. Given the economic conditions, participating in the voucher program could provide a reliable tenant base, although at a lower rental rate than the market average.
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.