Section 8 Fair Market Rent (FMR) for ZIP 12023 - 2027

Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA

Investment Score for ZIP 12023

Monthly Rent (2BR)

$1,650

Median Price (2BR)

$256,165

1% Rule

0.64%

Annual Yield

7.73%

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,190
1 Bedroom	$1,370
2 Bedrooms	$1,650
3 Bedrooms	$1,970
4 Bedrooms	$2,170
5 Bedrooms	$2,517
6 Bedrooms	$2,819
7 Bedrooms	$3,045
8 Bedrooms	$3,197

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,650	$256,165	0.64%	D
3BR	$1,970	$340,644	0.58%	F
4BR	$2,170	$428,653	0.51%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Population

1,791

Median Household Income

$112,885

Housing Units

809

Renter Percentage

7.7%

Occupancy Rate

89.5%

Renter Occupied

ZIP 12023, located in Berne, NY, within the Albany-Schenectady-Troy, NY MSA, serves as an ideal cash-flow anchor for a Section 8 portfolio strategy. The Federal Market Rent (FMR) for FY 2024 is set at $1190 for a one-bedroom unit, which exceeds the local market rent of $1100. This creates a positive spread of $90 per month, ensuring that landlords receive above-market rents from Section 8 tenants.

The median home value in ZIP 12023 stands at $311,994, indicating a stable housing market with moderate property values. While there are no specific figures available for price-cut share or days on market (DOM), the absence of significant volatility suggests a steady environment conducive to reliable rental income.

The 7.7% renter share in the area means that a majority of residents prefer homeownership, reducing competition for rental properties. Despite this, the median income of $112,885 provides a strong financial foundation for potential tenants, ensuring they can meet the requirements of the Section 8 program. This combination of factors makes ZIP 12023 a secure choice for generating consistent cash flow, especially when paired with the guaranteed rental payments from the Section 8 program.

To further solidify its role as a cash-flow anchor, consider the following:

Stable Income Source: The Section 8 program guarantees timely rent payments, reducing the risk of vacancy and non-payment.
Moderate Property Values: With a median home value of $311,994, the cost of acquiring properties remains reasonable, allowing for a healthy return on investment.
Affluent Tenant Base: The high median income ensures that tenants are likely to be financially responsible and capable of maintaining their households.

In conclusion, ZIP 12023 offers a compelling opportunity for landlords and small-portfolio investors seeking a dependable cash-flow anchor within their Section 8 portfolio strategy. The positive rent spread, stable property values, and affluent tenant base make it a strategic choice for long-term financial stability.

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.