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 | $3,890 |
| 1 Bedroom | $4,100 |
| 2 Bedrooms | $4,460 |
| 3 Bedrooms | $5,640 |
| 4 Bedrooms | $6,190 |
| 5 Bedrooms | $7,180 |
| 6 Bedrooms | $8,042 |
| 7 Bedrooms | $8,685 |
| 8 Bedrooms | $9,119 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $4,100 | $852,273 | 0.48% | F |
| 2BR | $4,460 | $1,374,078 | 0.32% | F |
| 3BR | $5,640 | $2,121,910 | 0.27% | F |
| 4BR | $6,190 | $3,271,511 | 0.19% | F |
U.S. Census Bureau data (2024)
ZIP code 11215 covers Park Slope and Windsor Terrace, offering a quintessential brownstone Brooklyn feel with high-end amenities. The neighborhood is anchored by cultural heavyweights such as the Brooklyn Botanic Garden and the prospect of employment at institutions like Maimonides Medical Center nearby. The area features historic architecture, highly rated public schools including P.S. 321, and excellent transit access via the F, G, and D subway lines, creating a stable, family-friendly environment.
From a financial perspective, the HUD SAFMR for a 2BR unit sits at $4,130, while the market rent (Zillow ZORI) is $3,937, creating a spread of $193 in favor of voucher holders. The median home value is $1,481,331, with the typical 2BR selling for $1,329,070 and sitting on the market for a median of 46 days. These figures indicate a premium market where breakeven points are high, demanding substantial capital investment.
Despite the high entry cost, the tenant pool is robust. With 57.7% of households renting and a median income of $185,865, the area attracts high earners, yet vouchers remain viable because the local Fair Market Rent keeps pace with private rates. The neighborhood's walkability, access to Prospect Park, and proximity to Manhattan ensure sustained demand from tenants seeking quality housing regardless of payment method.
The strongest investor angle here is stability and appreciation rather than immediate cashflow. The positive $193 gap between SAFMR and market rent provides a slight cushion, but the primary value lies in the area’s enduring desirability and high asset values. Investors should view this as a long-term play on neighborhood equity, leveraging the Section 8 program to minimize vacancy risk in a market where median days on market are already a tight 46 days.
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.