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 | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,280 | $706,579 | 0.46% | F |
| 4BR | $3,570 | $830,490 | 0.43% | F |
| 5BR | $4,141 | $1,010,937 | 0.41% | F |
U.S. Census Bureau data (2024)
The rent math for ZIP 10962 does not work in favor of landlords. The HUD Fair Market Rent (FMR) for the area is set at $2210 for fiscal year 2024. However, the actual market rent, as reported by the Census American Community Survey (ACS), is significantly lower at $1,467. This discrepancy means that landlords cannot charge the higher FMR rate and still remain competitive in the local rental market.
Acquisition of properties in ZIP 10962 is moderately affordable, given the median home value stands at $730,974. The lack of data on days on market (DOM) and the percentage of homes that required price cuts indicates stability in the housing market, but it also suggests limited insights into recent trends. Landlords should conduct further research to understand the current pace of property sales and any adjustments made to asking prices.
Tenant demand in ZIP 10962 is relatively low. The total population is 4,767, with only 12.7% of residents being renters. This implies a smaller pool of potential tenants compared to areas with higher renter shares, making it harder to find occupants for rental properties. Landlords must be prepared to compete for a limited number of renters and ensure their properties meet high standards to attract tenants.
In summary, while the acquisition cost of properties in ZIP 10962 is reasonable, the mismatch between HUD's FMR and the actual market rent, coupled with a low renter share, presents significant challenges for landlords and small-portfolio investors. The financial viability of rental properties in this area is questionable without substantial improvements to increase market appeal or a reduction in the median home value, which would make properties more accessible to a broader range of tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.