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 | $2,800 |
| 1 Bedroom | $2,950 |
| 2 Bedrooms | $3,210 |
| 3 Bedrooms | $4,060 |
| 4 Bedrooms | $4,450 |
| 5 Bedrooms | $5,162 |
| 6 Bedrooms | $5,781 |
| 7 Bedrooms | $6,243 |
| 8 Bedrooms | $6,555 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,950 | $454,108 | 0.65% | D |
| 2BR | $3,210 | $592,333 | 0.54% | F |
| 3BR | $4,060 | $1,023,209 | 0.4% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 11370, located in New York, NY, stands at $76,009. This figure is crucial when considering the local rental market dynamics. The market rate for rent, known as the Zillow Observed Rent Index (ZORI), is $2,548. Comparatively, the Fair Market Rent (FMR) for the fiscal year 2024, which is the standard used for voucher payments, is set at $2,970.
To frame this from the renter’s perspective, let’s break it down. A household earning the median income would spend approximately 33.5% of their annual income on the ZORI market rate, which translates to $2,548 per month. However, if they were to use a housing voucher, they would be eligible for a monthly payment up to $2,970 under the FMR standard. This means that while the ZORI rate is already a significant portion of the average household’s budget, the voucher payment standard is even higher.
The ZIP code has a substantial 53.5% of its population renting, indicating a competitive market for landlords. With a total population of 30,267, this translates to around 16,205 renters. Given the high cost of living and the relatively high rental rates, there is a notable affordability gap. This gap is likely to drive many renters towards seeking housing vouchers to manage their rental expenses effectively.
For landlords, the takeaway is clear: focusing on voucher tenants could provide a steady stream of income, especially since the FMR is higher than the market rate. However, this strategy comes with administrative complexities and potential delays in rent payments. On the other hand, attracting cash-paying tenants might reduce administrative burdens but could limit the pool of available renters given the financial constraints many face. Landlords should carefully consider these factors to align their rental offerings with the needs of the local market.
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.