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 | $2,780 |
| 1 Bedroom | $2,930 |
| 2 Bedrooms | $3,190 |
| 3 Bedrooms | $4,040 |
| 4 Bedrooms | $4,420 |
| 5 Bedrooms | $5,127 |
| 6 Bedrooms | $5,742 |
| 7 Bedrooms | $6,201 |
| 8 Bedrooms | $6,511 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,930 | $320,208 | 0.92% | C |
| 2BR | $3,190 | $455,861 | 0.7% | D |
| 3BR | $4,040 | $810,742 | 0.5% | F |
U.S. Census Bureau data (2024)
ZIP code 11368 covers the vibrant neighborhood of Corona in Queens, a densely populated district known for its cultural diversity and historic housing stock. The area is experiencing significant development interest, particularly near the 111th Street corridor where the New York City Economic Development Corporation is spearheading the Innovation QNS project. This massive mixed-use development aims to transform underutilized industrial space into thousands of new apartments, commercial space, and community facilities, signaling a long-term shift toward modernization in this part of the borough.
From a revenue perspective, the math presents a challenging arbitrage for 2026. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is set at $3,100, whereas current market rents (Zillow ZORI) sit at $2,700. This creates a $400 deficit where the subsidized rate exceeds the going market rate, meaning a standard voucher tenant would theoretically pay more than the neighborhood average. Median home values stand at $547,914, with a median 2BR specific sale price of $451,348. However, liquidity is sluggish, with properties sitting on the market for a median of 90 days.
The tenant pool is massive, with 76.9% of households renting and a median household income of $72,270. While this income level is solid, the high renter concentration indicates steady demand for rental units. Families are drawn to the area for its proximity to Flushing Meadows Corona Park and major transit hubs, though investors should verify specific school performance ratings as educational quality often drives long-term tenant retention in family-heavy neighborhoods.
The Section 8 verdict here leans toward stability over immediate cash flow. The negative spread between the $3,100 FMR and $2,700 market rent suggests that cash-flowing a standard voucher is difficult without adding significant value to the unit. Furthermore, the 90-day days-on-market metric indicates a sales environment where immediate appreciation is not guaranteed. The strongest angle is the long-term bet on neighborhood revitalization through projects like Innovation QNS, but for pure 2026 voucher yield, this ZIP is a pass.
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.