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 | $1,640 |
| 1 Bedroom | $1,890 |
| 2 Bedrooms | $2,270 |
| 3 Bedrooms | $2,700 |
| 4 Bedrooms | $2,980 |
| 5 Bedrooms | $3,457 |
| 6 Bedrooms | $3,872 |
| 7 Bedrooms | $4,182 |
| 8 Bedrooms | $4,391 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,270 | $331,644 | 0.68% | D |
| 3BR | $2,700 | $411,146 | 0.66% | D |
| 4BR | $2,980 | $544,740 | 0.55% | F |
| 5BR | $3,457 | $626,964 | 0.55% | F |
U.S. Census Bureau data (2024)
The rental market in ZIP code 12054, which includes Delmar, NY, presents an interesting scenario when viewed from the renter's perspective. The median household income here is $129,583. At first glance, this might suggest a robust ability to cover the market rate rent of $2,259 per month, known as the Zillow Observed Rent Index (ZORI).
However, the reality is more nuanced. When comparing the market rate to the Fair Market Rent (FMR) payment standard of $1,610 for the fiscal year 2024, it becomes evident that there is a significant affordability gap. This means that while some households can afford the market rate, others may struggle, especially those relying on housing vouchers.
The ZIP code has a population of 17,436, with 26.1% being renters. Given these figures, the competition among landlords is likely to be moderate. Households with higher incomes are more inclined to pay market rates, but those with lower incomes or limited financial resources will look towards subsidized options.
For landlords considering their strategy, the takeaway is clear. While there is potential to attract tenants willing to pay the market rate of $2,259, the presence of a substantial number of renters who may only afford the voucher payment standard of $1,610 indicates a need to balance between cash-paying and voucher tenants. Landlords should assess their property's value and maintenance costs against both standards to determine the most profitable approach. Offering properties at or near the FMR could attract a wider pool of tenants, ensuring steady occupancy and cash flow, albeit at a lower margin compared to market-rate rents.
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.