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 | $2,980 |
| 1 Bedroom | $3,130 |
| 2 Bedrooms | $3,410 |
| 3 Bedrooms | $4,320 |
| 4 Bedrooms | $4,730 |
| 5 Bedrooms | $5,487 |
| 6 Bedrooms | $6,145 |
| 7 Bedrooms | $6,637 |
| 8 Bedrooms | $6,969 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,410 | $515,537 | 0.66% | D |
| 3BR | $4,320 | $618,344 | 0.7% | D |
| 4BR | $4,730 | $787,630 | 0.6% | D |
U.S. Census Bureau data (2024)
The Section 8 Fair Market Rent (FMR) for ZIP 10920, which includes Congers, NY, is set at $2,470 for FY 2024. This figure represents the maximum amount landlords can charge for voucher tenants. In comparison, the Census ACS data indicates that the market rent for the area is $2,239. Given these numbers, voucher tenants cashflow at the FMR level, providing landlords with a slight margin above the average market rent.
To further analyze the investment potential, consider the median home value in ZIP 10920, which stands at $652,988. Using the HUD FMR of $2,470, we can calculate a rent-to-price ratio of approximately 0.38%. This low ratio suggests that rental income alone may not be sufficient to cover mortgage payments and other expenses for properties purchased at the median price. However, it also implies that the area has strong appreciation potential, as the cost of owning a home significantly outweighs the cost of renting.
Note that the data provided does not include the number of days on market (DOM) or the percentage of price cuts. These metrics would typically influence the rent-versus-buy dynamics. However, given the current data, the strongest investor angle in ZIP 10920 is likely to be appreciation. The significant gap between market rents and home values suggests that property values could rise, making appreciation a key factor for long-term investment success.
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.