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 | $1,230 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,700 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,230 |
| 5 Bedrooms | $2,587 |
| 6 Bedrooms | $2,897 |
| 7 Bedrooms | $3,129 |
| 8 Bedrooms | $3,285 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,700 | $321,396 | 0.53% | F |
| 3BR | $2,030 | $403,681 | 0.5% | F |
| 4BR | $2,230 | $542,655 | 0.41% | F |
| 5BR | $2,587 | $630,584 | 0.41% | F |
U.S. Census Bureau data (2024)
The ZIP code 12009 in Altamont, NY, is a residential area with a total population of 7,934. Only 21.0% of the residents are renters, indicating a predominantly owner-occupied community. The median household income here is strong at $120,101, suggesting a relatively affluent demographic. Median home values stand at $409,056, reflecting the high cost of homeownership in the area.
Transitioning to the rental market, the Fair Market Rent (FMR) for ZIP code 12009 as of fiscal year 2024 is set at $1440. This is notably higher than the reported market rent of $1,285 according to the Census American Community Survey (ACS). This discrepancy highlights a potential opportunity for landlords who can leverage the higher FMR rates through Section 8 vouchers to attract tenants willing to pay closer to the fair market price.
Given these economic conditions, ZIP 12009 may be more suitable for a hands-on value-add buyer rather than a hands-off voucher operator. The difference between the FMR and the market rent suggests room for improvement in property management practices to justify higher rents. A landlord who actively manages properties, enhances their value, and aligns rents with the FMR could see significant benefits. On the other hand, a hands-off approach might miss out on the potential to increase rental income and improve property occupancy rates.
To summarize, Altamont's ZIP 12009 presents a unique investment scenario with a mix of high-income households and a modest rental market. The opportunity lies in the gap between the actual market rent and the FMR, which savvy landlords can exploit to maximize returns.
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.