Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
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 | $1,210 |
| 1 Bedroom | $1,390 |
| 2 Bedrooms | $1,670 |
| 3 Bedrooms | $1,990 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,990 | $334,270 | 0.6% | F |
U.S. Census Bureau data (2024)
The ZIP code 12008 is not a renter-heavy area. With only 0.0% of the population being renters, it is predominantly a homeowner-dominated area. The median household income stands at $125,859, which is significantly higher than the Fair Market Rent (FMR) for the area, set at $1390 per month for FY 2024.
Given the lack of specific data on market rent, we cannot calculate the exact percentage of local income that typical rent would consume. However, considering the high median income, it's reasonable to infer that market rents are likely well below the proportion of income typically spent on housing in areas with lower incomes.
The FMR of $1390 suggests that the federal government has determined this amount as sufficient to cover the average cost of decent rental housing in the area. This figure is used to establish payment standards for housing assistance programs such as Section 8. In ZIP 12008, landlords should not expect a deep voucher demand due to the low percentage of renters and the relatively high median income compared to the FMR.
Tenant profiles in this area will be rare, and those who do qualify for Section 8 vouchers are likely to have additional sources of income or support given the significant gap between the median income and the FMR. Landlords should prepare for a scenario where finding tenants who can utilize Section 8 vouchers may be challenging, and they must be ready to compete with other forms of housing that might better suit the needs of the few potential voucher holders in the area.
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.