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 | $2,380 |
| 1 Bedroom | $2,580 |
| 2 Bedrooms | $2,880 |
| 3 Bedrooms | $3,570 |
| 4 Bedrooms | $4,190 |
| 5 Bedrooms | $4,860 |
| 6 Bedrooms | $5,443 |
| 7 Bedrooms | $5,878 |
| 8 Bedrooms | $6,172 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,570 | $778,696 | 0.46% | F |
| 4BR | $4,190 | $1,031,093 | 0.41% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 10964 within the HUD Metro FMR Area for New York, NY reveals several critical points for landlords and small-portfolio investors.
The Federal Market Rent (FMR) for ZIP 10964 in fiscal year 2024 is set at $2350. This figure is crucial because it represents the maximum rent that can be charged to tenants participating in the Section 8 program. However, the lack of market rent data (N/A) makes it challenging to determine if the rent math works in favor of landlords who might consider accepting Section 8 tenants. Without comparative market rent figures, it's impossible to assess whether the FMR aligns with what the market would typically bear.
In terms of acquisition affordability, the median home value in ZIP 10964 is $935,043. This high median value suggests that purchasing properties in this area could be costly. The absence of specific data on days on market (DOM) and the percentage of homes requiring price cuts (N/A) further complicates the assessment. Typically, lower DOM and a smaller percentage of price cuts indicate a healthier real estate market, but these details are missing for a comprehensive evaluation.
Tenant demand appears to be limited in ZIP 10964. With a population of just 1,333, the area has a relatively low number of potential renters. The renter share is only 1.9%, which means very few residents are likely to be looking for rental housing. This low demand could make it difficult to find enough qualified Section 8 tenants to fill any rental units.
Verdict: The viability of Section 8 investments in ZIP 10964 is questionable due to the limited tenant demand and the high median home value, which indicates potentially high acquisition costs. The lack of market rent data hinders a full comparison between market rates and the FMR, adding uncertainty to the decision-making process for landlords and small-portfolio investors. Given these factors, pursuing opportunities in areas with higher renter shares and clearer market rent data would likely yield better returns and less operational risk.
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.