Section 8 Fair Market Rent (FMR) for ZIP 11357 - 2027

Investment Score for ZIP 11357

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$3,050
1 Bedroom	$3,220
2 Bedrooms	$3,500
3 Bedrooms	$4,430
4 Bedrooms	$4,850
5 Bedrooms	$5,626
6 Bedrooms	$6,301
7 Bedrooms	$6,805
8 Bedrooms	$7,145

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$3,220	$326,953	0.98%	C
2BR	$3,500	$436,901	0.8%	C
3BR	$4,430	$1,090,157	0.41%	F
4BR	$4,850	$1,375,591	0.35%	F
5BR	$5,626	$1,640,459	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 11357 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 11357 in 2026 is set at $3390 for a two-bedroom apartment, which represents 41.9% of the median household income of $96,988. However, the actual rental market in this area is significantly higher. The Zillow median price for a two-bedroom home is $439,957, which translates to a monthly rent of approximately $3666 based on typical mortgage payments and property management costs. This means that the actual rents are about 10.8 times the FMR, creating a substantial gap between what voucher holders can afford and the actual market rates. Given this disparity, tenants using Section 8 vouchers would face significant constraints in finding suitable housing. The FMR for a two-bedroom unit is $3390, but landlords would likely charge closer to the market rate of $3666, making it difficult for voucher holders to find properties that accept their vouchers without additional out-of-pocket expenses. #### Affordability & Renter Profile ZIP code 11357 has a population of 43,346, with 22.4% of residents being renters. The occupancy rate stands at 95.9%, indicating a very tight rental market. With only 22.4% of the population renting, there is a limited pool of potential tenants, especially those who rely on Section 8 vouchers. Given the high median household income and the fact that 41.9% of it is already allocated to a two-bedroom apartment at FMR, it suggests that the majority of residents are financially stable and can afford market-rate rentals. This tight market makes it challenging for low-income families to secure housing, particularly if they are dependent on Section 8 vouchers. The high price-to-FMR ratio of 10.8x further underscores the unaffordability of the market for voucher recipients. Landlords may be less inclined to participate in the Section 8 program due to the lower rents compared to market rates, leading to a scarcity of available units for these families. #### Investor Angle From an investor perspective, the ZIP code 11357 presents mixed opportunities. At the FMR, a two-bedroom apartment would generate $3390 per month in rent. However, given the high market rates, an investor could potentially command a rent of around $3666 per month for a similar unit. This would result in a monthly cash flow of approximately $276 above the FMR, assuming the investor is willing to accept Section 8 vouchers. Despite the potential for higher rents, the investment grade in this ZIP code is moderate. The high price-to-FMR ratio indicates that the market is overpriced relative to the FMR, which could pose risks if there is a downturn in the economy or changes in government funding for housing assistance programs. Additionally, the limited number of renters and the tight market suggest that there might be fewer available tenants overall, which could affect vacancy rates and long-term stability. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should consider focusing on smaller units such as studios and one-bedroom apartments. For example, the FMR for a one-bedroom unit is $3090, while the Zillow median price for a similar unit would likely be lower than the two-bedroom median. This could provide a better balance between affordability and market demand. 2. **Seek Out Subsidized Programs**: Investors looking to maximize returns should explore subsidized programs beyond Section 8. These programs often offer additional incentives and can help bridge the gap between FMR and market rates. For instance, the FMR for a three-bedroom unit is $4250, which is still far below the market rate, suggesting that larger units might require additional subsidies to be viable. 3. **Consider Property Location**: Within ZIP code 11357, certain neighborhoods may have a higher concentration of voucher holders. Investors should conduct thorough research to identify areas where there is a greater likelihood of finding tenants who use Section 8 vouchers. This could involve analyzing local demographics and housing availability to pinpoint the most advantageous locations. #### Bottom Line For Section 8-focused investors, ZIP code 11357 presents a challenging environment due to the high price-to-FMR ratio and the tight rental market. While there are opportunities to generate cash flow by accepting slightly higher rents, the overall recommendation is to **Skip** this ZIP code unless you can secure additional subsidies or focus on smaller units where the gap between FMR and market rates is narrower. The high cost of entry and limited pool of potential tenants make it a less attractive option for investors solely relying on Section 8 vouchers.

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.