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 | $2,590 |
| 1 Bedroom | $2,730 |
| 2 Bedrooms | $2,970 |
| 3 Bedrooms | $3,760 |
| 4 Bedrooms | $4,120 |
| 5 Bedrooms | $4,779 |
| 6 Bedrooms | $5,352 |
| 7 Bedrooms | $5,780 |
| 8 Bedrooms | $6,069 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,730 | $552,553 | 0.49% | F |
| 2BR | $2,970 | $745,442 | 0.4% | F |
| 3BR | $3,760 | $1,089,105 | 0.35% | F |
U.S. Census Bureau data (2024)
New York, NY 11213 covers the heart of Crown Heights, a neighborhood defined by its historic brownstones and rapid residential conversion. The area offers strong connectivity to Manhattan via the 2, 3, and 5 subway lines, making it a practical choice for commuters seeking relatively affordable entry into Brooklyn. A major institutional anchor here is the Brooklyn Children's Museum, located on Brooklyn Avenue, which provides significant cultural value and attracts families to the vicinity. The community is a dense mix of long-term owners and a growing population of young professionals.
Financially, investors face a notable spread between program limits and open-market pricing. The HUD SAFMR for a 2BR unit is $2,490, while the market rent (Zillow ZORI) sits at $2,993, resulting in a negative gap of $503. This shortfall means standard voucher rates may not cover current market leases without tenant contribution. The median home value is $1,104,185, significantly higher than the median 2BR sale price of $720,980, suggesting a complex inventory mix. Properties are moving slowly, with a median of 78 days on market, indicating buyers have leverage in negotiations.
Demand is bolstered by an exceptionally high renter share of 83.2%, yet purchasing power is constrained by a median household income of $65,127. For a large portion of the local workforce, the $2,993 market rent is likely out of reach, creating structural demand for housing subsidies like Section 8. The neighborhood hosts several well-rated public schools, including P.S. 138 and P.S. 705, which serve as stabilizing forces for families. As landlords seek reliable income in a high-cost city, the voucher program becomes a critical pipeline for placing tenants in this inventory.
The strongest investor angle in 11213 is stability through high tenancy density rather than immediate positive cash flow via the 2BR voucher rate. With market rents exceeding HUD payments by $503, landlords relying solely on the 2BR SAFMR will need to ensure tenants can cover the shortfall or target smaller units where the gap is less severe. However, the overwhelming renter majority ensures a consistently deep pool of applicants. Investors should leverage the 78-day days-on-market metric to negotiate asset prices down, thereby improving yield potential in a location where long-term occupancy is virtually guaranteed.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.