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 | $3,280 |
| 4 Bedrooms | $3,570 |
| 5 Bedrooms | $4,141 |
| 6 Bedrooms | $4,638 |
| 7 Bedrooms | $5,009 |
| 8 Bedrooms | $5,259 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,620 | $527,345 | 0.5% | F |
| 3BR | $3,280 | $635,374 | 0.52% | F |
U.S. Census Bureau data (2024)
The ZIP code 11692 is located in Queens, New York, NY, and it encompasses a diverse neighborhood with a total population of 22,734. The area is predominantly residential, with a significant portion of residents being renters at 66.9%. This makes it an ideal location for rental property investments. The median household income in the neighborhood is $49,720, which is slightly below the national average but indicative of a stable middle-class community. The median home value stands at $614,476, reflecting a mix of affordable and moderately priced homes.
Moving into the economic landscape of renting, the Fair Market Rent (FMR) for ZIP 11692 for fiscal year 2024 is set at $2,410. This figure represents the government's benchmark for rental costs and is used to determine the amount of assistance provided through programs such as Section 8. In contrast, the market rent, as measured by the Zillow Observed Rent Index (ZORI), is significantly higher at $3,456. This discrepancy suggests that landlords who participate in the Section 8 program can expect lower rents compared to the market rate, but they will also benefit from the stability and reliability of tenants who receive housing vouchers.
Given these figures, ZIP 11692 is suitable for both hands-off voucher operators and hands-on value-add buyers. For hands-off operators, the predictability of the Section 8 program ensures a steady stream of income without the need for constant tenant turnover. However, for those looking to actively manage their properties and potentially increase their investment's value, there is room to improve upon the FMR to approach the market rent. This could be achieved through property enhancements, strategic pricing, or offering superior amenities that attract tenants willing to pay above the voucher rate. Both strategies can be effective depending on the investor’s goals and risk tolerance.
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.