Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 12007 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1390 for the fiscal year 2024. This SAFMR is specifically tailored to this ZIP code, reflecting the unique rental dynamics within the area.
To understand how much a landlord can expect from a Section 8 voucher, it's essential to break down the components of the payment structure. A voucher holder typically pays 30% of their adjusted income towards rent, plus any applicable utility allowances. The utility allowance varies but generally covers a significant portion of the tenant's energy costs, reducing the financial burden on them and ensuring a steady payment to you.
The voucher program then pays the difference between the tenant's contribution and the SAFMR, up to the maximum allowed amount. For ZIP 12007, if the market rent for a two-bedroom unit is below $1390, the voucher will cover the full rent. However, if the market rent exceeds this figure, the landlord must either accept the SAFMR rate or find another source of income to cover the shortfall, as the voucher does not extend beyond the SAFMR limit.
In ZIP 12007, the local market rent data is currently unavailable, which makes it challenging to provide an exact comparison. Nonetheless, assuming the local market rent is close to the SAFMR, landlords can expect a reimbursement that closely mirrors the SAFMR of $1390. If the market rent is higher, there will be a reimbursement gap; if lower, landlords might see a surplus.
To illustrate, if a tenant's portion of the rent is $400 and the utility allowance is $150, the total voucher reimbursement would be $1390. Thus, the landlord would receive the full $1390, with the tenant contributing $400 and the government covering the remaining $990 plus utilities. This ensures landlords receive a consistent and predictable income, though it may not always match the full market value of the property.
In summary, for a two-bedroom apartment in ZIP 12007, the typical reimbursement gap or surplus depends on the actual market rent. Given the SAFMR of $1390, landlords should adjust their expectations accordingly, knowing that the voucher system provides a reliable income stream, even if it doesn't fully align with the local market conditions.
Data Sources: FMR data from HUD (2027). 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.