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 | $2,700 |
| 1 Bedroom | $2,840 |
| 2 Bedrooms | $3,090 |
| 3 Bedrooms | $3,910 |
| 4 Bedrooms | $4,290 |
| 5 Bedrooms | $4,976 |
| 6 Bedrooms | $5,573 |
| 7 Bedrooms | $6,019 |
| 8 Bedrooms | $6,320 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,840 | $370,771 | 0.77% | D |
| 2BR | $3,090 | $587,890 | 0.53% | F |
| 3BR | $3,910 | $981,313 | 0.4% | F |
U.S. Census Bureau data (2024)
Located in the western portion of Queens along the East River, ZIP code 11377 covers the vibrant neighborhoods of Woodside and Sunnyside. This area is characterized by a dense mix of prewar walk-up apartments and brick row houses, offering a more residential atmosphere than nearby Manhattan while maintaining strong urban connectivity. The local economy is bolstered by the presence of major institutions, including the Elmhurst Hospital Center just south of the zip code, which provides a stable base of healthcare employment. The neighborhood is well-defined by its elevated subway stations on the 7 train, providing rapid access to Midtown, and a bustling retail corridor along Queens Boulevard.
Analyzing the financial metrics reveals a nuanced landscape for investors. The HUD Fair Market Rent (FMR) for a 2-bedroom unit is listed at $3,020, while the current market rent (ZORI) sits at $2,897. This results in a premium of $123 in favor of the voucher, a modest but positive spread that indicates payments are aligned with reality rather than inflated. Median home values in the area are $554,014, with specific 2-bedroom properties trading at a median of $573,531. Properties are moving at a moderate pace, sitting on the market for a median of 70 days, suggesting a balanced environment that is neither overheated nor stagnant.
Demand fundamentals are robust, driven by a renter share of 70.5% and a median household income of $73,073. This income level suggests that while the area is affordable relative to NYC averages, many residents still benefit from housing assistance to bridge the gap between earnings and rents. The neighborhood appeals to families due to highly rated public schools such as PS 150 Queens, and the commute options are a major draw. Access to the 7, E, M, and R subway lines ensures a deep tenant pool of commuters who prioritize transit convenience over space, keeping occupancy steady.
The Section 8 verdict for 11377 leans toward stability and modest cash flow. The strongest investor angle here is the reliability of the voucher payment over the market rate. With the HUD SAFMR ($2,880) and FMR ($3,020) straddling the market rent ($2,897), investors can rely on government-backed payments that cover the full cost of market-rate housing without significant vacancies. This creates a defensive position in a market where median days on market suggest that finding private tenants at the same speed is not guaranteed.
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.