Location: New York, NY | Metro: New York, NY HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,900 |
| 1 Bedroom | $3,050 |
| 2 Bedrooms | $3,320 |
| 3 Bedrooms | $4,200 |
| 4 Bedrooms | $4,600 |
| 5 Bedrooms | $5,336 |
| 6 Bedrooms | $5,976 |
| 7 Bedrooms | $6,454 |
| 8 Bedrooms | $6,777 |
U.S. Census Bureau data (2024)
New York, NY 11373, covering the Elmhurst and Corona neighborhoods, is a dense, urban environment characterized by its vibrant diversity and high accessibility. The area is a major hub for both residents and commuters, anchored significantly by the presence of NYC Health + Hospitals/Elmhurst, a central institution providing extensive employment and serving the local community. This neighborhood offers a quintessential Queens experience with bustling commercial corridors and a mix of pre-war and newer construction.
From a financial perspective, the numbers reveal a compelling scenario for voucher holders. The HUD FY2026 Fair Market Rent for a 2-bedroom unit is $3,170, while the current Zillow market rent sits at $2,440, creating a substantial gap of $730 in favor of the Section 8 payment standard. Median home values in the ZIP code are $522,972, with a median 2BR sale price of $555,270. However, investors should note that liquidity moves at a moderate pace, with the median days on market sitting at 92 days.
The tenant pool here is massive and rental-dependent, with 73.3% of households renting and a median household income of $71,480. This income level often necessitates housing assistance to afford the area, ensuring a steady pipeline of voucher applicants. The neighborhood's attractiveness is bolstered by the extensive 7 train line, offering rapid transit into Manhattan, and proximity to Flushing Meadows Corona Park, which provides significant recreational value for families.
The Section 8 verdict for 11373 is strongly positive for investors prioritizing cash flow. The $730 premium between the FY2026 2BR FMR ($3,170) and the market rate ($2,440) represents a significant upside that virtually guarantees the rent ceiling will not be breached, while securing above-market income. With high demand, strong transit links, and a clear financial buffer, this ZIP code offers stability and immediate returns for voucher-friendly landlords.
Data Sources: FMR data from HUD (2027). 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.