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 | $2,290 |
| 1 Bedroom | $2,410 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,320 |
| 4 Bedrooms | $3,630 |
| 5 Bedrooms | $4,211 |
| 6 Bedrooms | $4,716 |
| 7 Bedrooms | $5,093 |
| 8 Bedrooms | $5,348 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $3,320 | $717,949 | 0.46% | F |
| 4BR | $3,630 | $871,374 | 0.42% | F |
| 5BR | $4,211 | $1,073,225 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 10994 stands out in its county with a unique blend of economic indicators. With a population of 6,370 residents, only 5.9% rent their homes, indicating a strong preference for homeownership. The median income in this area is $170,307, which is significantly higher than the national average. This affluence is further reflected in the median home value, which sits at an impressive $787,027.
The disparity between the Fair Market Rent (FMR) and the actual market rent is a key point of interest. The FMR for ZIP 10994 is set at $3,220 for the fiscal year 2024, while the Census ACS reports the market rent at $2,085. This difference can be advantageous for landlords participating in the Section 8 program, as they can potentially receive higher rental payments compared to the local market rates.
Despite the high median income and home values, the low percentage of renters suggests that the demand for rental properties is limited. However, the Section 8 voucher program can help fill this gap by providing subsidies to eligible tenants, thereby increasing the pool of potential renters for landlords. It's important for landlords to understand that while the FMR is higher, the actual subsidy received may vary based on the tenant's income and other factors.
Based on the data signature, ZIP 10994 appears to be a stable area, with high economic indicators suggesting a robust local economy. However, the low rental rate could indicate a transitional phase where homeownership is favored over renting, but the Section 8 program offers a way to stabilize rental income and attract a broader range of tenants.
To summarize, ZIP 10994 presents a stable environment with high median incomes and home values, making it an attractive location for investment. The Section 8 program, with its higher FMR compared to the local market, can be a valuable tool for landlords looking to capitalize on this niche market and provide affordable housing options.
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.