Section 8 Fair Market Rent (FMR) for ZIP 12055 - 2027
Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
FY 2027 Fair Market Rent Rates
| Unit Size |
Monthly FMR |
| Studio | $1,260 |
| 1 Bedroom | $1,450 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,070 |
| 4 Bedrooms | $2,290 |
| 5 Bedrooms | $2,656 |
| 6 Bedrooms | $2,975 |
| 7 Bedrooms | $3,213 |
| 8 Bedrooms | $3,374 |
To determine if a landlord should invest in ZIP 12055 (Unknown, NY) for Section 8 properties, follow this decision tree:
1) Does the Fair Market Rent (FMR) of $1390 cover debt service on a property?
- Yes: If the FMR of $1390 can cover the debt service costs, then the investment is financially viable. Proceed to the next question.
- No: If the FMR does not cover the debt service, purchasing a property in ZIP 12055 for Section 8 is not advisable due to financial losses.
2) Is the market rent above, at, or below the FMR?
- Above: If the market rent exceeds $1390, landlords could potentially earn higher income from non-Section 8 tenants. This makes the area attractive for general rental investments but less so for strictly Section 8 properties.
- At: If market rent matches the FMR, landlords can expect to break even with Section 8 tenants. This scenario is neutral; the decision hinges on other factors such as tenant demand.
- Below: If market rent is below $1390, Section 8 properties might be more competitive, attracting tenants who prefer the guaranteed income. However, this also suggests lower overall rental income potential.
3) Is there sufficient tenant demand?
- It Depends: The data indicates that the percentage of renters and the days on the market (DOM) are not provided. Without these figures, it's challenging to assess the demand accurately. However, if the percentage of renters is high and DOM is low, it signifies strong demand. Conversely, low percentages of renters and high DOM suggest weak demand.
In conclusion, for ZIP 12055, the viability of purchasing a property for Section 8 hinges on whether the FMR can cover debt service and the comparison between market rent and FMR. Tenant demand must also be considered, though the necessary data is incomplete. Landlords should seek additional local market analysis to make an informed decision.
Data Sources: FMR data from HUD (2027).
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.