Section 8 Fair Market Rent (FMR) for ZIP 11423 - 2027

Location: New York, NY | Metro: New York, NY HUD Metro FMR Area

Investment Score for ZIP 11423

Monthly Rent (2BR)

$2,690

Median Price (2BR)

$354,415

1% Rule

0.76%

Annual Yield

9.11%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$2,350
1 Bedroom	$2,470
2 Bedrooms	$2,690
3 Bedrooms	$3,400
4 Bedrooms	$3,730
5 Bedrooms	$4,327
6 Bedrooms	$4,846
7 Bedrooms	$5,234
8 Bedrooms	$5,496

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
1BR	$2,470	$221,893	1.11%	B
2BR	$2,690	$354,415	0.76%	D
3BR	$3,400	$846,121	0.4%	F
4BR	$3,730	$1,023,427	0.36%	F
5BR	$4,327	$1,278,622	0.34%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

28,534

Median Household Income

$80,054

Housing Units

10,201

Renter Percentage

44.3%

Occupancy Rate

94.3%

Renter Occupied

4,262

The ZIP code 11423, located in New York, NY, is part of the vibrant Queens borough, known for its diverse communities and proximity to major transportation hubs. This area offers a mix of residential opportunities, including both rental and homeownership options, making it a strategic location for real estate investment.

Fair Market Rent (FMR): For fiscal year 2024, the FMR for a two-bedroom apartment in ZIP 11423 is set at $2450, indicating a robust rental market that supports higher-end units.
Market Rent: According to the Census ACS, the average market rent for all units in this ZIP code is $1,788, which is below the FMR but still competitive within the local housing context.
Median Home Value: The median home value in ZIP 11423 is $819,360, reflecting the high cost of homeownership in the area and suggesting strong property appreciation potential.
Renter Share: With 44.3% of households being renters, there is a significant demand for rental properties, making this a viable option for landlords and small-portfolio investors looking to capitalize on the local rental market.
Median Income: The median household income in ZIP 11423 is $80,054, which is relatively stable and provides assurance that tenants can afford the average rents.

The data points highlight a balanced market in ZIP 11423, with a strong rental sector supported by a high percentage of renters and competitive rents. The median home value suggests that property values are appreciating, which could benefit investors in the long term. However, the average market rent being lower than the FMR indicates that there might be room for increasing rental rates, especially for higher-quality units. Given the steady median income, investors can expect a reliable tenant pool capable of paying higher rents, thus ensuring profitability and stability in their investments.

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.