Section 8 Fair Market Rent (FMR) for ZIP 11365 - 2027

Investment Score for ZIP 11365

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	$2,560
1 Bedroom	$2,690
2 Bedrooms	$2,930
3 Bedrooms	$3,710
4 Bedrooms	$4,060
5 Bedrooms	$4,710
6 Bedrooms	$5,275
7 Bedrooms	$5,697
8 Bedrooms	$5,982

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$2,930	$667,101	0.44%	F
3BR	$3,710	$1,016,849	0.36%	F
4BR	$4,060	$1,170,449	0.35%	F
5BR	$4,710	$1,350,805	0.35%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 11365 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) figures for ZIP code 11365 in Queens County, New York, provide insight into the rental market dynamics for Section 8 voucher holders. According to the 2026 FMR data, the rates are as follows: - 0BR: $2360 - 1BR: $2480 - 2BR: $2720 - 3BR: $3410 - 4BR: $3700 These FMRs represent the maximum rent that a voucher holder can pay. However, actual rents in the area can be significantly higher. For instance, the Zillow median price for a 2BR unit is $658,708, which translates to a monthly mortgage payment well above the FMR. The price-to-FMR ratio for a 2BR unit is 20.2x, indicating that the actual market rent far exceeds the FMR. This creates significant constraints for voucher holders. For example, a 2BR unit priced at $2720 would only cover 40.2% of the median household income ($81,258), leaving little room for other expenses. This suggests that voucher holders may struggle to find suitable housing within their budget, especially given the high occupancy rate of 96.7%, which indicates a tight rental market. #### Affordability & Renter Profile ZIP code 11365 has a population of 42,322, with 53.6% being renters. The median household income is $81,258, but the FMR for a 2BR unit is only $2720, which is just 40.2% of the median income. This implies that many residents in this ZIP code are likely to be cost-burdened, meaning they spend more than 30% of their income on housing. Given the high occupancy rate of 96.7%, the market is very tight, with limited availability of units. This makes it challenging for both voucher holders and regular renters to find affordable housing. The high rent-to-income ratio also suggests that there is a significant demand for lower-cost units, which are scarce in this area. #### Investor Angle From an investor perspective, the ZIP code 11365 presents a mixed picture. The FMRs are relatively low compared to the actual market rents, which means that properties rented out at FMR levels will likely have a negative cash flow. For example, a 2BR unit renting at $2720 per month would need to generate substantial additional revenue to cover the mortgage payment of approximately $658,708 over 30 years, which translates to about $3100 per month. The investment grade in this ZIP code is likely to be poor due to the high price-to-FMR ratio. Investors who are looking to capitalize on the Section 8 program would need to ensure that their properties are priced at or below the FMR to attract voucher holders. However, this pricing strategy would result in a negative cash flow, making it unattractive for most investors seeking positive returns. #### Specific Actionable Insights 1. **Focus on Lower-Rent Units**: Investors should focus on acquiring properties that can be rented out at or below the FMR levels. For instance, a 0BR unit at $2360 or a 1BR unit at $2480 would be more attractive to voucher holders. These units are less likely to be cost-burdened and could potentially generate better occupancy rates. 2. **Consider Renovation Projects**: Given the high occupancy rate, there is a strong demand for housing. Investors might consider purchasing older properties at a discount and renovating them to meet the FMR requirements. This approach could help in attracting voucher holders while still maintaining a reasonable profit margin. 3. **Explore Government Programs**: Investors should explore government programs that offer subsidies or tax incentives for landlords who participate in the Section 8 program. These programs can help offset the negative cash flow associated with renting at FMR levels. #### Bottom Line For Section 8-focused investors, the recommendation for ZIP code 11365 is to **skip** this market. The high price-to-FMR ratio and the tight rental market make it difficult to achieve positive cash flow. Additionally, the significant gap between FMR and actual market rents suggests that finding tenants willing to pay the FMR is challenging. Therefore, investing in this ZIP code would likely result in financial losses unless the investor can secure additional subsidies or tax benefits.

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.