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 | $2,740 |
| 1 Bedroom | $2,880 |
| 2 Bedrooms | $3,140 |
| 3 Bedrooms | $3,970 |
| 4 Bedrooms | $4,360 |
| 5 Bedrooms | $5,058 |
| 6 Bedrooms | $5,665 |
| 7 Bedrooms | $6,118 |
| 8 Bedrooms | $6,424 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,880 | $475,289 | 0.61% | D |
| 2BR | $3,140 | $663,293 | 0.47% | F |
| 3BR | $3,970 | $1,041,449 | 0.38% | F |
| 4BR | $4,360 | $1,196,859 | 0.36% | F |
U.S. Census Bureau data (2024)
ZIP code 11355 covers the Fresh Meadows neighborhood in eastern Queens, a residential district characterized by post-war co-ops, single-family homes, and a quiet, suburban atmosphere within the city limits. The area is defined by its proximity to St. John's University, a major private institution that provides significant local employment and lends a stable, academic character to the surroundings. The neighborhood benefits from access to Cunningham Park and reliable transit links via the QM bus lines to Manhattan, making it a desirable location for renters seeking space and a community feel.
From a financial perspective, the Section 8 numbers present a clear opportunity. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is $3,010, which creates a premium of $429 over the current market rent of $2,581. This gap means voucher holders effectively pay more than the typical tenant, offering landlords an immediate revenue boost. With a median home value of $600,345 and properties sitting on the market for a median of 89 days, investors face moderate holding costs, but the rental premiums help offset the slower sales velocity.
The tenant pool here is substantial, as renters make up 66.6% of the population. However, the area's median household income is $55,326, which creates natural pressure toward housing assistance for families seeking quality units. The demand is supported by access to highly-rated public schools like P.S. 26 and the allure of a safe, park-rich environment. For voucher holders, the neighborhood offers a rare combination of urban accessibility and suburban safety, driving consistent demand for available units.
The verdict for 11355 leans heavily toward cash flow. The positive spread between the $3,010 FMR and the $2,581 market rent provides a rare cushion in the New York market, allowing investors to outperform standard rental yields. While appreciation is steady given the $600,345 median value, the primary advantage lies in the reliability of higher government payments compared to local wage benchmarks. This makes Fresh Meadows a defensive, income-focused play for small-portfolio investors.
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.