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 | $3,150 |
| 1 Bedroom | $3,320 |
| 2 Bedrooms | $3,610 |
| 3 Bedrooms | $4,570 |
| 4 Bedrooms | $5,010 |
| 5 Bedrooms | $5,812 |
| 6 Bedrooms | $6,509 |
| 7 Bedrooms | $7,030 |
| 8 Bedrooms | $7,382 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $3,610 | $377,944 | 0.96% | C |
| 3BR | $4,570 | $1,046,921 | 0.44% | F |
| 4BR | $5,010 | $1,232,046 | 0.41% | F |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 11364 in New York, NY, for fiscal year 2024 is set at $3170. This figure represents the maximum amount that a landlord can charge a tenant participating in the Section 8 housing choice voucher program. It is important to note that this is not the actual rent you will receive, but rather a benchmark used by the government to determine reasonable rent levels.
In comparison, the median asking rent for a two-bedroom apartment in the same area, as indicated by the ZipOrb Index (ZORI), stands at $2,839. This suggests that the market rent is slightly below the FMR, meaning that landlords participating in Section 8 can potentially charge close to the FMR while still being competitive in the local rental market.
The 29.4% of renters in the area indicates a strong demand for affordable housing options. With a significant portion of the population relying on rental assistance, landlords who qualify for the Section 8 program can expect a steady stream of tenants. However, it's crucial to understand that the total cost of acquiring a property in this area is substantial, averaging around $626,435.
To ensure a successful investment, verify that your property meets all the necessary quality standards required by the Housing Authority. These include safety, health, and habitability criteria. Once these conditions are met, you can confidently list your rental under the Section 8 program, knowing that you will be paid a fair amount that aligns with the local market and government guidelines.
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.