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 | $2,440 |
| 1 Bedroom | $2,570 |
| 2 Bedrooms | $2,800 |
| 3 Bedrooms | $3,530 |
| 4 Bedrooms | $3,870 |
| 5 Bedrooms | $4,489 |
| 6 Bedrooms | $5,028 |
| 7 Bedrooms | $5,430 |
| 8 Bedrooms | $5,702 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,530 | $674,531 | 0.52% | F |
| 4BR | $3,870 | $783,915 | 0.49% | F |
| 5BR | $4,489 | $854,681 | 0.53% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 10984 reveals several critical insights for landlords and small-portfolio investors considering investment in this area.
The rent math does not work favorably for landlords. The Fair Market Rent (FMR) set at $2720 for the fiscal year 2024 contrasts sharply with the actual market rent of $1,793. This significant disparity suggests that landlords aiming to comply with FMR guidelines would struggle to find tenants willing to pay the higher rate, especially given the current market conditions.
Acquisition in this area is challenging due to the high median home value of $736,355. While the exact days on market (DOM) and percentage of homes needing price cuts are unavailable, the elevated median home value indicates that purchasing property here would be expensive. This could deter potential investors looking for more affordable entry points into the real estate market.
Tenant demand is relatively low in ZIP 10984. With a total population of 2,805, only 4.8% are renters. This small share of renters implies limited demand for rental properties, making it difficult to attract and retain tenants. Landlords might face challenges in filling vacancies and maintaining occupancy rates.
In conclusion, ZIP 10984 presents unfavorable conditions for real estate investment based on the rent math, acquisition costs, and tenant demand. The gap between FMR and market rents, combined with the high median home value and low renter share, suggests that this area may not be a viable option for landlords and small-portfolio investors seeking profitable opportunities.
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.