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 | $2,400 |
| 1 Bedroom | $2,530 |
| 2 Bedrooms | $2,750 |
| 3 Bedrooms | $3,480 |
| 4 Bedrooms | $3,810 |
| 5 Bedrooms | $4,420 |
| 6 Bedrooms | $4,950 |
| 7 Bedrooms | $5,346 |
| 8 Bedrooms | $5,613 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 1BR | $2,530 | $330,767 | 0.76% | D |
| 2BR | $2,750 | $594,212 | 0.46% | F |
| 3BR | $3,480 | $964,005 | 0.36% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 11694 in the New York, NY, New York, NY HUD Metro FMR Area reveals mixed outcomes regarding rental economics and property acquisition.
Firstly, the rent math does not favor landlords. The Fair Market Rent (FMR) set at $2480 for FY 2024 is significantly higher than the market rent reported at $1,757 according to Census ACS data. This suggests that landlords might struggle to find tenants willing to pay the higher FMR rate, indicating a misalignment between HUD's pricing and actual market conditions.
Secondly, acquiring properties in ZIP 11694 is challenging due to high costs. With a median home value of $867,653, purchasing a property would be expensive. Furthermore, the data showing N/A days on the market (DOM) and a mere 0.1% share of homes needing price cuts suggest a robust seller's market where homes sell quickly and without significant discounts. This makes it difficult for landlords to find deals that provide a reasonable margin of profit.
Lastly, there is strong tenant demand in ZIP 11694. The area has a population of 21,489, with 48.5% of residents being renters. This high percentage of renters indicates a substantial pool of potential tenants, which could support a robust rental market if the rents were aligned with market expectations.
In summary, while ZIP 11694 presents a high demand for rental housing, the discrepancy between HUD's FMR and the actual market rent poses a challenge for landlords. Additionally, the high median home value and lack of negotiation opportunities make property acquisition costly and less attractive for small-portfolio investors. Despite these drawbacks, the large number of renters provides a solid foundation for rental income, but only if landlords can offer competitive rates.
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.