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 | $1,320 |
| 1 Bedroom | $1,520 |
| 2 Bedrooms | $1,830 |
| 3 Bedrooms | $2,180 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,830 | $267,714 | 0.68% | D |
| 3BR | $2,180 | $370,346 | 0.59% | F |
| 4BR | $2,410 | $466,863 | 0.52% | F |
| 5BR | $2,796 | $518,833 | 0.54% | F |
U.S. Census Bureau data (2024)
ZIP code 12033, located in Castleton-on-Hudson, NY, falls within the larger Albany-Schenectady-Troy, NY MSA. Comparing the specific figures for ZIP 12033 to typical ZIP codes within this MSA provides insights into its position within the real estate market.
The Fair Market Rent (FMR) for ZIP 12033 in fiscal year 2024 is set at $1,400, which is higher than the market rent of $1,292. This suggests that subsidized housing through programs like Section 8 may be slightly more expensive compared to what the average market rent indicates. The FMR is typically used as a benchmark for affordable housing subsidies, and a higher FMR can benefit landlords participating in such programs.
The median home value in ZIP 12033 is $367,692. This figure is lower than the average home value in the broader Albany-Schenectady-Troy MSA, indicating that this area might be considered a value pocket within the metro. Value pockets are areas where property values are relatively low compared to the surrounding region, making them attractive to investors looking for good deals and potential appreciation.
The renter share in ZIP 12033 is 18.8%, which is below the national average but may still represent a significant portion of the local rental market. A moderate renter share combined with below-average home values could signal an opportunity for landlords and investors interested in properties that might be more affordable for renters.
Based on the given figures, ZIP 12033 appears to be a value pocket within the Albany-Schenectady-Troy, NY MSA. The lower home values suggest that there is potential for investment in real estate that could appreciate over time, especially if the area experiences economic growth or increased demand for housing. The higher FMR compared to market rent also implies a favorable position for landlords participating in Section 8 programs, as they receive a subsidy that exceeds the typical rental rates in the area.
A divergence worth noting is the relatively high FMR alongside a below-metro median home value. This combination can create a sweet spot for Section 8 tenants and landlords alike, offering affordable homeownership opportunities while still providing decent rental income. However, it's important to note that the renter share is not exceptionally high, suggesting that the market may not be saturated with renters. Landlords and investors should consider the local economy and employment trends to gauge the long-term stability and potential for this ZIP code.
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.