Section 8 Fair Market Rent (FMR) for ZIP 11416 - 2026

Market Analysis for ZIP 11416

Cities Covered: This ZIP code covers Ozone Park, Richmond Hill.

FMR Rates (FY 2026):
Studio: $2,550 | 1BR: $2,670 | 2BR: $2,930 | 3BR: $3,670 | 4BR: $3,990

Median Property Prices & 1% Rule Analysis:

• 2BR Properties: Median price ~$320,000
  1% Rule: $2,930 ÷ $320,000 = 0.92% 👎 Below 1% Rule
• 3BR Properties: Median price ~$420,000
  1% Rule: $3,670 ÷ $420,000 = 0.63% 👎 Below 1% Rule

Market Overview: The 11416 ZIP code is a densely populated area with diverse housing stock, primarily consisting of garden apartments and row houses. The demographic breakdown reflects a mix of young professionals (40%), long-time residents (35%), and service-industry workers (25%). Vacancy rates remain stable at 3-5%, and rents have increased by 6-8% year-over-year due to steady job growth in nearby employment centers, limited new construction, and increasing demand for housing. Key market drivers include the expansion of JFK Airport and surrounding industries, as well as ongoing investments in local infrastructure and transportation systems.

Investment Takeaway: Investors should focus on purchasing properties within the $300-450k range to achieve gross yields between 8-10% for 2BR units and 7-9% for 3BR units. Targeting high-quality tenants with credit scores above 700, income verification at 4x rent, and thorough reference checks will minimize late payments and evictions. Budget 10% of purchase price annually for maintenance, 5-7% for vacancy reserves, and expect property taxes to range from 1.8-2.2% of assessed value.

Key Considerations: This is primarily a cash-flow market with moderate appreciation potential (3-5% annually). Screen tenants carefully using credit scores above 700, income verification at 4x rent, and thorough reference checks to minimize late payments and evictions. Budget 10% of purchase price for annual maintenance, 5-7% for vacancy reserves, and expect property taxes of 1.8-2.2% of assessed value.