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 | $3,420 |
| 1 Bedroom | $3,600 |
| 2 Bedrooms | $3,920 |
| 3 Bedrooms | $4,960 |
| 4 Bedrooms | $5,440 |
| 5 Bedrooms | $6,310 |
| 6 Bedrooms | $7,067 |
| 7 Bedrooms | $7,632 |
| 8 Bedrooms | $8,014 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,600 | $674,831 | 0.53% | F |
| 2BR | $3,920 | $911,374 | 0.43% | F |
U.S. Census Bureau data (2024)
The ZIP code 11102 in New York, NY, presents a challenging rental market for households. The median income stands at $96,617, which is relatively high but still insufficient for many residents to comfortably afford the market rate rent. The market rate, known as the ZORI (Zillow Observed Rent Index), is set at $3,024 per month. This amount represents a significant portion of the median income, making it difficult for renters to find affordable housing without financial assistance.
In comparison, the Fair Market Rent (FMR) for the ZIP code, which is the standard used for voucher payments, is $3,450 per month for fiscal year 2024. This figure exceeds the ZORI, indicating that the government aims to cover rents that are slightly higher than the average market rates. However, the FMR still leaves a considerable affordability gap for the majority of renters in the area.
The population of 11102 is 28,503, with 86.6% of them being renters. This high percentage of renters competing for limited housing options exacerbates the issue of affordability. Landlords in this area face intense competition, especially when considering the financial constraints of most renters. The difference between the ZORI and the FMR highlights the struggle for both landlords and tenants, where landlords might be hesitant to accept voucher payments due to the perception of lower reliability, while tenants seek any means to bridge the affordability gap.
For landlords contemplating whether to accept vouchers or focus on cash-paying tenants, the decision should be informed by understanding the local rental dynamics. While the FMR is higher than the ZORI, suggesting that voucher holders could potentially afford slightly pricier units, the high percentage of renters and the median income level indicate that there is a substantial demand for affordable housing. Accepting vouchers can provide a steady stream of tenants, albeit with some administrative overhead, while focusing solely on cash pay might limit the pool of potential renters given the current economic conditions.
The takeaway for landlords is that embracing a strategy that includes accepting vouchers can help secure a reliable tenant base in an area where rental competition is fierce. It also aligns with the reality of the affordability gap, ensuring that their properties remain occupied and contribute positively to the community's housing needs.
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.