Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,100 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
U.S. Census Bureau data (2024)
The ZIP code 12031 is situated in an area that is predominantly homeowner-dominated rather than renter-heavy. With only 5.4% of the population being renters, it indicates a smaller pool of potential Section 8 tenants compared to areas with higher rental percentages.
The median household income in ZIP 12031 is $87,143, which is significantly above the average income needed to qualify for Section 8 housing assistance. This suggests that the demand for vouchers in this area is likely to be relatively low, as many residents can afford private market rents without assistance.
Although the exact market rent figures for ZIP 12031 are not provided, we can infer that typical rents would consume a lower percentage of the local income due to the higher median income level. For example, if we assume a hypothetical market rent of $1,500 per month, it would represent approximately 17.2% of the median household income. This is still a substantial portion but generally manageable for households earning $87,143 annually.
In comparison to the Fair Market Rent (FMR) set at $1,190 for FY 2024, the actual market rents might be higher, indicating that landlords could potentially charge more than the FMR for their properties. However, this also means that landlords may face challenges in attracting Section 8 tenants who are limited by the voucher amount.
A landlord in ZIP 12031 should expect a tenant profile that is less reliant on housing vouchers. Tenants are likely to have stable employment and higher incomes, making them more capable of paying market-rate rents. Landlords should prepare to offer competitive amenities and maintain high-quality properties to attract these tenants.
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.