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 | $2,320 |
| 1 Bedroom | $2,440 |
| 2 Bedrooms | $2,660 |
| 3 Bedrooms | $3,370 |
| 4 Bedrooms | $3,690 |
| 5 Bedrooms | $4,280 |
| 6 Bedrooms | $4,794 |
| 7 Bedrooms | $5,178 |
| 8 Bedrooms | $5,437 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,660 | $519,898 | 0.51% | F |
| 3BR | $3,370 | $795,924 | 0.42% | F |
| 4BR | $3,690 | $936,977 | 0.39% | F |
| 5BR | $4,280 | $1,138,430 | 0.38% | F |
U.S. Census Bureau data (2024)
Spring Valley, ZIP code 10977, serves as a densely populated urban hub within Rockland County, characterized by a diverse, transient community and a high density of multi-family housing. The village functions as a local commercial center for the surrounding area, featuring significant stretches of retail along Route 59 and proximity to major regional employers, including the current headquarters of the United Nations International School in nearby Nyack, which draws staff to the region. This neighborhood offers a mix of older pre-war housing stock and new developments, with a walkable environment that appeals to renters who prefer not to rely solely on personal vehicles.
Financially, the area presents a compelling spread for Section 8 operators. The FY2024 HUD SAFMR for a 2-bedroom unit is set at $2,300, while the general market rent for the same unit size is recorded at $1,782, creating a positive gap of $518 per month before any utility allowances are applied. Investors face a high barrier to entry given the median home value of $879,583 and a median sale price of $524,301 for 2-bedroom properties, though turnover is relatively quick with a median of 41 days on market.
Demand for rental units is robust, driven by a renter share of 55.2% and a local median household income of $74,451. While this income level suggests that many residents can afford market rates, the lower cost of living compared to NYC proper fuels steady demand for subsidized housing options. The local tenant pool is supported by public transit availability, including NJT bus connections, and proximity to major highways, making the area accessible for workers commuting to jobs in Bergen County or Manhattan.
From a Section 8 investment standpoint, the primary play in 10977 is cash flow through contract premiums rather than speculative appreciation. The data not available regarding specific expense ratios prevents a full cap rate calculation, but the $518 spread between SAFMR and market rent indicates strong potential for reliable, government-backed income that significantly exceeds standard market leases. Stability is the key selling point here, as the high renter population ensures a consistent pool of voucher holders seeking housing in this established Rockland County enclave.
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.