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 | $2,940 |
| 1 Bedroom | $3,100 |
| 2 Bedrooms | $3,370 |
| 3 Bedrooms | $4,260 |
| 4 Bedrooms | $4,670 |
| 5 Bedrooms | $5,417 |
| 6 Bedrooms | $6,067 |
| 7 Bedrooms | $6,552 |
| 8 Bedrooms | $6,880 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,370 | $613,830 | 0.55% | F |
| 3BR | $4,260 | $763,299 | 0.56% | F |
| 4BR | $4,670 | $1,041,224 | 0.45% | F |
| 5BR | $5,417 | $1,394,152 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 10960, located in Nyack, NY, has a population of 15,251 residents, with 45.8% being renters. This indicates a significant portion of the population relies on rental housing, making it a viable market for landlords and small-portfolio investors. However, the median household income of $125,789 suggests that while there is a substantial number of renters, they are likely to be higher-income individuals who can afford market rents without needing extensive financial assistance.
The market rent for the area is $2,492 per month, which represents approximately 20% of the median household income. This percentage is relatively low compared to national averages, indicating that typical rent does not consume a large portion of local incomes. The Fair Market Rent (FMR) for ZIP 10960 is set at $3,290 for FY 2024, which is higher than the current market rent. This gap between the FMR and market rent could attract tenants eligible for Section 8 vouchers, as the FMR provides a benchmark for affordable housing standards.
Despite the potential for Section 8 voucher usage, the high median income suggests that most tenants will be able to pay market rates. Landlords in this area should expect a mix of tenants, including some who may use Section 8 vouchers but also many who can pay closer to the FMR or even above. The presence of higher-income renters means that competition for units is likely to be strong, benefiting landlords who can offer quality properties with desirable amenities.
To conclude, ZIP 10960 is a renter-heavy area with a strong tenant pool capable of paying competitive market rates. While there is room for Section 8 vouchers due to the FMR being higher than the current market rent, the majority of tenants will likely be financially stable and able to cover rent without assistance. Landlords should focus on maintaining well-managed properties to cater to this diverse yet generally affluent rental market.
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.