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 | $2,890 |
| 1 Bedroom | $3,040 |
| 2 Bedrooms | $3,310 |
| 3 Bedrooms | $4,190 |
| 4 Bedrooms | $4,590 |
| 5 Bedrooms | $5,324 |
| 6 Bedrooms | $5,963 |
| 7 Bedrooms | $6,440 |
| 8 Bedrooms | $6,762 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $3,040 | $233,190 | 1.3% | A |
| 2BR | $3,310 | $476,848 | 0.69% | D |
| 3BR | $4,190 | $962,562 | 0.44% | F |
| 4BR | $4,590 | $1,279,543 | 0.36% | F |
| 5BR | $5,324 | $1,564,299 | 0.34% | F |
U.S. Census Bureau data (2024)
Situated in the heart of Southeast Queens, ZIP code 11432 covers the vibrant, predominantly residential neighborhood of Jamaica. This area functions as a major commercial and civic hub for the borough, defined by its historic architecture and busy transit corridors. A key institutional anchor here is York College, part of the City University of New York (CUNY) system, which sits near the downtown Jamaica district and provides a steady stream of faculty and student renters. The neighborhood is characterized by a mix of pre-war co-ops, single-family homes, and larger apartment buildings, offering investors a diverse housing stock near the Jamaica Center transportation nexus.
From a strictly numerical standpoint, 11432 presents a clear discrepancy between government subsidies and current private market performance. The FY2026 Fair Market Rent (FMR) for a 2-bedroom unit is set at $3,170, while the live market rent (ZORI) sits significantly lower at $2,529, resulting in a gap of $641 per month. This spread suggests that relying solely on standard market rents may not maximize yield compared to program participation. The median home value in the area is $881,134, with a median 2BR sale price of $470,620. Properties are moving moderately slowly, with a median of 62 days on market, indicating that buyers have leverage in negotiations.
The tenant profile is heavily renter-focused, with 64.2% of households renting, and the local median household income stands at $74,096. While this income level is solid, it is often insufficient for luxury market rates in New York City, driving demand for affordable housing options like the Housing Choice Voucher program. The presence of York College and excellent transit access via the E, J, and Z subway lines supports a consistent pool of working-class renters who value location over amenities. Local schools generally hold average to above-average ratings, which further stabilizes family housing demand in the area.
The strongest investor angle here is cash flow through program participation rather than organic market appreciation. Because the $3,170 2BR FMR is well above the $2,529 market rent, voucher holders effectively pay a premium that private tenants currently will not. For a landlord willing to navigate the HUD inspection process, securing a Section 8 tenant in this ZIP creates an immediate buffer against market volatility and vacancy loss. The data indicates that the math works in favor of subsidies, making 11432 a target for yield-focused investors rather than those betting on rapid resale appreciation.
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.