Section 8 Fair Market Rent (FMR) for ZIP 11367 - 2027

Investment Score for ZIP 11367

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	$2,620
1 Bedroom	$2,760
2 Bedrooms	$3,000
3 Bedrooms	$3,800
4 Bedrooms	$4,160
5 Bedrooms	$4,826
6 Bedrooms	$5,405
7 Bedrooms	$5,837
8 Bedrooms	$6,129

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	$2,760	$290,330	0.95%	C
2BR	$3,000	$370,419	0.81%	C
3BR	$3,800	$933,008	0.41%	F
4BR	$4,160	$1,082,833	0.38%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 11367 (New York, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for ZIP code 11367 in Queens County, New York, is set by HUD for 2026. For a two-bedroom unit, the FMR is $2,730, which represents 43.6% of the median household income of $75,061. However, the actual median rent for a two-bedroom unit on Zillow is significantly higher at $376,846. This indicates that the price-to-FMR ratio is approximately 11.5x, meaning that actual market rents are much higher than what the government considers fair. This discrepancy creates significant constraints for voucher holders. The FMR is designed to cover the cost of housing that is considered modest but decent, yet it falls far short of the actual market rates. As a result, tenants using Section 8 vouchers might struggle to find units that accept their vouchers, especially in a competitive market like 11367 where the median rent is so high. #### Affordability & Renter Profile With a population of 40,923, 11367 has a relatively high occupancy rate of 94.5%, indicating that there is little vacancy and the market is tight. Nearly half of the residents (49.5%) are renters, suggesting a substantial demand for rental properties. Given the median household income of $75,061, the FMR for a two-bedroom unit ($2,730) is a reasonable proportion of the average income, but it is still far below the actual median rent of $376,846. This implies that many renters in this area must spend a considerable portion of their income on housing, making the market highly unaffordable for lower-income households. The tight market conditions suggest that landlords have the upper hand, allowing them to charge higher rents. Consequently, it is likely that many units are priced beyond the reach of typical voucher holders, who can only afford rents up to the FMR levels. This could lead to a situation where voucher holders are forced into less desirable areas or face difficulties finding suitable housing. #### Investor Angle From an investor perspective, the FMR levels provide a baseline for evaluating potential cash flow. At the FMR for a two-bedroom unit ($2,730), investors would need to assess whether they can achieve positive cash flow given the high purchase price of $376,846. Assuming a conservative mortgage rate of 5% and a 20% down payment, the monthly mortgage payment would be around $1,825, leaving a potential cash flow of about $905 per month before accounting for other expenses such as maintenance, property taxes, and insurance. Given the high price-to-FMR ratio, the investment grade for properties in 11367 is relatively low. The primary challenge is that the FMR is significantly lower than the actual market rent, which means that investors relying solely on Section 8 vouchers would face limited upside potential. Additionally, the high purchase price relative to the FMR suggests that returns on investment might be lower compared to other ZIP codes with a more favorable price-to-FMR ratio. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Investors should consider focusing on smaller units such as one-bedroom or studio apartments. The FMR for these units is lower ($2,490 for 1BR and $2,370 for 0BR), which could potentially allow for better cash flow if the purchase price is proportionally lower. However, this strategy requires careful consideration of the local market dynamics and the availability of such units. 2. **Seek Out Affordable Housing Programs**: Given the high price-to-FMR ratio, investors might want to explore additional affordable housing programs that offer subsidies or incentives for landlords who accept Section 8 vouchers. These programs can help bridge the gap between the FMR and the actual market rent, improving the overall financial viability of the investment. 3. **Consider Long-Term Rental Strategies**: Instead of relying solely on Section 8 vouchers, investors could consider a mixed rental strategy. By accepting both voucher holders and market-rate tenants, they can balance the lower rents from voucher holders with higher rents from those able to pay the actual market rates. This approach can help stabilize cash flow and mitigate the risk associated with the high price-to-FMR ratio. #### Bottom Line For Section 8-focused investors, the ZIP code 11367 presents a challenging environment due to the high price-to-FMR ratio and tight market conditions. While the area offers strong demand for rental properties, the financial constraints imposed by the FMR make it difficult to achieve positive cash flow without additional subsidies or a mixed rental strategy. Therefore, the recommendation for this ZIP code is to **Skip** unless you can leverage additional affordable housing programs or are willing to adopt a mixed rental approach to improve financial outcomes. In summary, while 11367 has a robust rental market, the high costs and limited FMR coverage make it less attractive for investors focused exclusively 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.