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 | $3,040 |
| 1 Bedroom | $3,200 |
| 2 Bedrooms | $3,480 |
| 3 Bedrooms | $4,400 |
| 4 Bedrooms | $4,830 |
| 5 Bedrooms | $5,603 |
| 6 Bedrooms | $6,275 |
| 7 Bedrooms | $6,777 |
| 8 Bedrooms | $7,116 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,400 | $927,376 | 0.47% | F |
| 4BR | $4,830 | $1,047,769 | 0.46% | F |
| 5BR | $5,603 | $1,234,027 | 0.45% | F |
U.S. Census Bureau data (2024)
The ZIP code 10707 is primarily a renter-heavy area, with 44.3% of its 9,688 residents renting their homes. This indicates a significant potential for Section 8 tenants. The median household income in this ZIP is $130,957, which provides insight into the economic conditions and the ability of residents to afford housing.
Typical market rent in ZIP 10707 stands at $3,558 per month. To put this into perspective, the monthly market rent consumes approximately 27.1% of the median household income when annualized. This calculation is derived from the formula: ($3,558 * 12) / $130,957 = 0.271 or 27.1%. The Fair Market Rent (FMR) for the area, as set for FY 2024, is $3,070, slightly below the current market rent. This suggests that landlords might need to adjust their expectations to align with the FMR guidelines if they wish to attract Section 8 tenants.
A landlord in ZIP 10707 should anticipate a tenant profile that includes individuals and families who rely on housing vouchers. These tenants will have a portion of their rent subsidized, making it essential for landlords to ensure their properties meet the required standards for voucher acceptance. Given the high median income, some voucher holders may also contribute a higher share towards their rent compared to areas with lower incomes.
To summarize, ZIP 10707 has a substantial number of renters, making it an attractive location for landlords looking to participate in the Section 8 program. However, the discrepancy between market rent and the FMR means landlords must be prepared to offer competitive rates to secure voucher-assisted tenants. The expected tenant base will likely include a mix of low-income families and individuals who benefit from rental assistance programs, complemented by those who can afford higher rents due to the area's economic profile.
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.