Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,420 |
| 1 Bedroom | $1,640 |
| 2 Bedrooms | $1,960 |
| 3 Bedrooms | $2,340 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
U.S. Census Bureau data (2024)
1390 is the Fair Market Rent (FMR) for ZIP code 12045 as of fiscal year 2024, indicating the maximum rental assistance payment an eligible household can receive through the Section 8 program. 247,123 stands as the median home value in this area, providing insight into the typical property investment size. 0.0% represents the share of renters in ZIP 12045, suggesting a predominantly owner-occupied community. This low renter share implies limited demand for rental properties, which could affect the attractiveness of the area for landlords and small-portfolio investors.
N/A marks both the market rent and median income data points for ZIP 12045, highlighting gaps in the available information. The absence of these figures makes it challenging to directly compare the FMR to local market conditions or gauge the financial health of potential tenants. However, the lack of data on days on market (DOM) and price-cut share suggests a stable housing market, free from significant fluctuations or distressed sales.
Given the high FMR relative to the median home value, landlords might find opportunities to maximize their returns by participating in the Section 8 program. However, the 0.0% renter share indicates a need for careful consideration of the local market dynamics. Landlords should be prepared for a potentially lower volume of rental applications due to the strong preference for homeownership in this area.
To summarize, while the Section 8 program offers a guaranteed rental income of up to 1390 per month, the minimal presence of renters in ZIP 12045 poses a challenge. Investors must weigh the benefits of a steady government-backed income against the risks of limited tenant pool and the uncertainties around market rents and median incomes. The verdict on Section 8 in ZIP 12045 is cautiously positive, but only for those willing to navigate the unique local market conditions.
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.