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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,620 | $501,741 | 0.52% | F |
| 3BR | $3,280 | $627,883 | 0.52% | F |
U.S. Census Bureau data (2024)
The rent math in ZIP 11693 does not work favorably for landlords. The Fair Market Rent (FMR) set at $2210 for the fiscal year 2024 is significantly higher than the actual market rent reported by the Census ACS, which stands at $1,216. This discrepancy suggests that landlords may struggle to find tenants willing to pay the FMR, especially given the lower market rates.
Acquisition in ZIP 11693 is not affordable. The median home value is listed as N/A, indicating limited data on home values. However, the days on market (DOM) is also N/A, suggesting a slow-moving market. Additionally, the price-cut share is only 0.1%, which implies that homes are rarely being discounted, making it difficult to acquire properties at a bargain price.
Tenant demand in ZIP 11693 is robust. With a population of 13,244, and 51.2% of residents being renters, there is a substantial pool of potential tenants. This high renter share ensures that there will be steady interest in rental properties, provided they are priced competitively.
In summary, while there is strong tenant demand in ZIP 11693, the high FMR compared to the actual market rent makes it challenging for landlords to justify higher rents. Furthermore, the lack of affordability in acquiring properties due to the absence of significant discounts and the slow market turnover suggests that investing in this area may not be financially prudent unless one can secure properties at below-market rates and compete effectively with the current market rent of $1,216.
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.