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 | $3,400 |
| 1 Bedroom | $3,580 |
| 2 Bedrooms | $3,900 |
| 3 Bedrooms | $4,940 |
| 4 Bedrooms | $5,410 |
| 5 Bedrooms | $6,276 |
| 6 Bedrooms | $7,029 |
| 7 Bedrooms | $7,591 |
| 8 Bedrooms | $7,971 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,940 | $714,531 | 0.69% | D |
| 4BR | $5,410 | $847,016 | 0.64% | D |
| 5BR | $6,276 | $1,126,235 | 0.56% | F |
U.S. Census Bureau data (2024)
Skeptical investors looking into ZIP 10913 may have several concerns regarding the feasibility of investing in properties that qualify for the Section 8 program. Let's address these concerns with the available data.
Will FMR $2970 (zip FY 2024) cover the mortgage on a $786,664 home?
The Fair Market Rent (FMR) for ZIP 10913 in fiscal year 2024 is set at $2970. To determine if this amount can cover the mortgage on a $786,664 home, we must consider the prevailing interest rates and the typical loan terms for such an investment. Assuming a conservative 4% fixed-rate mortgage over 30 years, the monthly payment would be approximately $3,747. This means that the FMR of $2970 is insufficient to cover the mortgage payment alone, let alone other expenses such as property taxes, insurance, and maintenance. Therefore, relying solely on FMR to cover the mortgage is not advisable without additional income sources or a substantial down payment.
Is there enough renter demand at 1.1%?
The percentage of renter demand at 1.1% suggests that only a small fraction of the total housing units in ZIP 10913 are rented. This could imply a limited pool of potential tenants interested in Section 8 properties. However, it's important to note that the demand for affordable housing can vary widely depending on local economic conditions, employment opportunities, and the availability of alternative housing options. While the data indicates low overall rental demand, it does not provide insight into the specific demand for subsidized housing. It is advisable to conduct further research on local tenant demographics and preferences to gauge the actual demand for Section 8 properties in ZIP 10913.
Will vouchers keep pace with $2,900 market rents?
The Housing Choice Voucher Program aims to help low-income families afford decent, safe, and sanitary housing in the private market. The voucher amount is determined based on the local Fair Market Rents and the family's ability to pay. For ZIP 10913, the FMR is $2970, which aligns closely with the $2,900 market rent figure. However, the actual voucher amount may be less due to the family's contribution towards rent, which is typically 30% of their adjusted income. This means that landlords may not receive the full $2970 from the voucher program alone. To ensure financial viability, landlords should consider the average family contribution and any additional subsidies that might be available. The data does not specify how much families contribute on average, so this would require further investigation.
In summary, while ZIP 10913 presents some challenges for Section 8 investments, particularly around covering mortgage payments and understanding the specific demand for subsidized housing, it also offers opportunities aligned with the local market rents. Investors should carefully assess their financial situation and seek out additional information to make informed decisions.
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.