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 | $3,820 |
| 1 Bedroom | $4,020 |
| 2 Bedrooms | $4,380 |
| 3 Bedrooms | $5,540 |
| 4 Bedrooms | $6,080 |
| 5 Bedrooms | $7,053 |
| 6 Bedrooms | $7,899 |
| 7 Bedrooms | $8,531 |
| 8 Bedrooms | $8,958 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $4,020 | $293,881 | 1.37% | A |
| 2BR | $4,380 | $403,384 | 1.09% | B |
| 3BR | $5,540 | $979,733 | 0.57% | F |
| 4BR | $6,080 | $1,327,219 | 0.46% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 11362, located in New York, NY, specifically Queens County, are influenced by the SAFMR (Small Area Fair Market Rent) rates established for this particular ZIP code. For a two-bedroom apartment, the SAFMR for FY 2024 is set at $3400. This means that the rental assistance rate is determined based on the conditions and costs specific to this ZIP code, rather than being averaged across the broader county or metropolitan area.
In ZIP 11362, the local market rent for a two-bedroom unit is slightly lower at $3,350, as indicated by ZORI (Zillow Observed Rent Index). Landlords should understand that the actual payment they receive from a Section 8 voucher will be a combination of the tenant's contribution and the utility allowance, which together form the total reimbursement amount.
The tenant's portion of the rent is typically 30% of their adjusted monthly income. If we assume an average adjusted monthly income for a tenant in this area is $2,000, then the tenant would contribute $600 towards the rent. The remaining amount is covered by the Section 8 program up to the SAFMR limit. Therefore, the maximum reimbursement from the program would be $3400 minus the tenant’s contribution of $600, leaving $2800 to be paid by the voucher.
In addition to the base rent, there are utility allowances that can vary but are generally capped at a certain percentage of the SAFMR. For a two-bedroom apartment, the utility allowance might be around $200. This allowance is designed to help cover electricity, gas, water, and sewer costs, among others, ensuring that tenants do not face excessive out-of-pocket expenses.
Considering these factors, the total reimbursement a landlord could expect from a Section 8 voucher for a two-bedroom unit would be the sum of the base rent reimbursement ($2800) and the utility allowance ($200), totaling $3000. This amount is less than the local market rent of $3,350, indicating a potential shortfall for landlords who participate in the program. The difference between the market rent and the reimbursement rate creates a gap of $350 per month.
To summarize, in ZIP 11362, the typical reimbursement for a two-bedroom apartment under a Section 8 voucher would result in a $350 surplus for the landlord if they were to rent at the market rate of $3,350, or a shortfall if they aim to collect the full $3400 set by the SAFMR. Landlords must weigh the benefits of guaranteed payments and low vacancy rates against the potential financial gap when deciding whether to accept 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.