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 | $2,280 |
| 1 Bedroom | $2,390 |
| 2 Bedrooms | $2,620 |
| 3 Bedrooms | $3,290 |
| 4 Bedrooms | $3,610 |
| 5 Bedrooms | $4,188 |
| 6 Bedrooms | $4,691 |
| 7 Bedrooms | $5,066 |
| 8 Bedrooms | $5,319 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,620 | $670,288 | 0.39% | F |
| 3BR | $3,290 | $732,929 | 0.45% | F |
| 4BR | $3,610 | $792,528 | 0.46% | F |
| 5BR | $4,188 | $858,676 | 0.49% | F |
U.S. Census Bureau data (2024)
The ZIP code 11412 in New York, NY, has a population of 39,828, with 28.2% of residents being renters. This indicates that it is a renter-heavy area, suitable for landlords looking to attract tenants using Section 8 vouchers. The median household income in this ZIP code is $97,979, which provides a benchmark against which rental prices can be evaluated.
A typical market rent of $1,680 consumes approximately 17.2% of the median household income, making it relatively affordable for the majority of residents. However, the Fair Market Rent (FMR) for the area, set at $2,580 for FY 2024, is significantly higher than the average market rent, suggesting that there is a substantial gap between what the government considers fair and what the market is offering. This gap could indicate strong demand for Section 8 vouchers among potential tenants.
To understand the depth of voucher demand, consider the following points:
Landlords in ZIP 11412 should expect a tenant pool that is predominantly low-income, seeking affordable housing options. These tenants will likely rely on Section 8 vouchers to cover a significant part of their rent. They will be looking for properties that offer stability and affordability, as the cost of living in the area exceeds what many can afford without financial assistance. Thus, landlords who accept vouchers stand to benefit from a steady stream of qualified applicants, while also contributing to the community's need for accessible housing solutions.
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.