Location: Greene County, NY | Metro: Greene County, NY
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 | $1,030 |
| 1 Bedroom | $1,170 |
| 2 Bedrooms | $1,450 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,260 |
| 5 Bedrooms | $2,622 |
| 6 Bedrooms | $2,937 |
| 7 Bedrooms | $3,172 |
| 8 Bedrooms | $3,331 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,450 | $319,376 | 0.45% | F |
| 3BR | $1,890 | $441,050 | 0.43% | F |
| 4BR | $2,260 | $599,438 | 0.38% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 12015, located in Athens, NY, provides a detailed insight into potential investment yields. The Fair Market Rent (FMR) for a 2-bedroom apartment in the area is set at $1,410 annually, based on fiscal year 2026 data. When this figure is annualized, it translates to an implied gross yield of approximately 3.73%. This calculation is derived by dividing the annual rental income ($1,410) by the median home value ($431,756).
In contrast, the market rent for a similar property, according to the Census ACS, stands at $1,278 per month. Annualizing this amount results in an implied gross yield of roughly 3.42%. This yield is calculated similarly, by dividing the annual market rent ($15,336) by the median home value ($431,756).
Given the 16.5% renter density in Athens, NY, and the lack of data on days on market (DOM), it is prudent to consider the market rent scenario as more realistic. The lower gross yield reflects the actual rental market conditions and the competition for tenants. While the Section 8 program offers a guaranteed rent source, the yield is slightly higher due to the fixed nature of the rents, which may not align with market dynamics.
Investors should note that the difference between the two yields is marginal, suggesting that while Section 8 properties can provide stability, the overall return on investment is comparable to market-rate rentals. The choice between the two should be made based on factors such as tenant turnover rates, maintenance costs, and the specific requirements of the Section 8 program.
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.