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 | $2,640 |
| 1 Bedroom | $2,780 |
| 2 Bedrooms | $3,030 |
| 3 Bedrooms | $3,830 |
| 4 Bedrooms | $4,200 |
| 5 Bedrooms | $4,872 |
| 6 Bedrooms | $5,457 |
| 7 Bedrooms | $5,894 |
| 8 Bedrooms | $6,189 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,780 | $327,926 | 0.85% | C |
| 2BR | $3,030 | $527,364 | 0.57% | F |
| 3BR | $3,830 | $784,939 | 0.49% | F |
| 4BR | $4,200 | $866,802 | 0.48% | F |
U.S. Census Bureau data (2024)
The ZIP code 11418 in New York, NY, presents an interesting scenario for both renters and landlords. The median income in this area stands at $90,156, which might initially seem sufficient to cover the market rate rent of $2,785 per month (ZORI). However, when we consider the typical household expenses, including taxes, insurance, and other costs, the actual ability to pay this amount becomes questionable.
Comparatively, the Fair Market Rent (FMR) for ZIP 11418, set at $2,730 for fiscal year 2024, aligns closely with the market rate. This suggests that households receiving rental assistance through vouchers could find it challenging to secure housing in this ZIP code, as the voucher payment standard is only slightly lower than the market rate. For landlords, this means that while voucher tenants might be reliable, they may not offer the same financial benefits as those paying cash.
In ZIP 11418, where 51.8% of the population are renters, the competition among landlords is fierce. The total population is 35,481, indicating a significant number of potential tenants. Yet, the affordability gap between the median income and the ZORI highlights a challenge for many residents to find suitable housing without assistance. This dynamic can lead to a situation where landlords must carefully balance their strategies to attract and retain tenants.
For landlords considering whether to accept voucher tenants or focus on cash-paying tenants, the decision should hinge on the local rental market conditions. Given the high market rates and the close alignment with the FMR, accepting vouchers can help fill vacancies and maintain a steady income stream, albeit at a slightly lower rate. However, landlords should also be prepared to compete with others who may prefer higher-paying cash tenants. The key takeaway is that landlords in ZIP 11418 need to be flexible and strategic in their tenant selection process, weighing the pros and cons of each type of tenant based on their financial needs and market realities.
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.