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 | $2,770 |
| 1 Bedroom | $2,910 |
| 2 Bedrooms | $3,170 |
| 3 Bedrooms | $4,010 |
| 4 Bedrooms | $4,400 |
| 5 Bedrooms | $5,104 |
| 6 Bedrooms | $5,716 |
| 7 Bedrooms | $6,173 |
| 8 Bedrooms | $6,482 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $4,010 | $515,436 | 0.78% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 10931 hinges on a balance between yield and stability, with specific figures providing key insights into its real estate dynamics. The Fair Market Rent (FMR) for ZIP 10931 in fiscal year 2024 is set at $3,040, which contrasts sharply with the average market rent of $2,023. This discrepancy indicates a potential for higher rental yields when properties are leased through Section 8 programs. However, the median home value of $500,844 suggests a relatively affluent area where market rents might have room to grow beyond the current average.
In terms of stability, 52.0% of residents are renters, indicating a moderate level of demand for rental properties. The absence of data on days on market (DOM) makes it challenging to assess how quickly properties can be leased, but the median household income of $83,365 provides a strong foundation for rental payments, reducing the risk of default.
Evaluating these factors, ZIP 10931 leans towards being a steady-cashflow zone rather than a high-yield/low-stability flip-style market. The primary driver for this assessment is the high FMR relative to market rent, which ensures that properties participating in the Section 8 program will generate above-average income. Additionally, the significant median household income supports the stability of rental payments, even if the days on market are longer than ideal. While the median home value is high, suggesting a robust local economy, the percentage of renters is not exceptionally high, and thus, the market is not characterized by extreme volatility or rapid turnover.
To summarize, the high FMR of $3,040 compared to the market rent of $2,023, coupled with the substantial median income of $83,365, positions ZIP 10931 as an attractive option for steady cash flow. Landlords and small-portfolio investors should consider the benefits of participating in the Section 8 program in this area, given the favorable conditions for both yield and stability.
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.