Location: Otsego County, 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 12064 is situated in a quiet, residential neighborhood that primarily consists of homeowners. With a total population of 342, only 11.8% of residents are renters, indicating a predominantly owner-occupied area. The median household income stands at $63,500, which suggests a middle-class community. Median home values in this ZIP code are relatively low at $124,560, making it an affordable option for both first-time buyers and those looking to downsize.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 12064 as of fiscal year 2024 is set at $1190. This figure represents the government's estimate for the average rent that a tenant might pay, adjusted for local market conditions. However, the actual market rent for the area is currently not available, which could imply either stability or underreporting in the rental market. Given the low percentage of renters and the limited competition, securing tenants through the Section 8 program can be a viable strategy for maintaining occupancy rates.
In terms of investor suitability, ZIP 12064 leans towards being more favorable for a hands-off voucher operator rather than a hands-on value-add buyer. The low median home value and stable FMR suggest that there is little room for significant property appreciation or rental rate increases. Additionally, the quiet nature of the neighborhood and the high proportion of homeowners indicate a demand for affordable housing but not necessarily for luxury or high-end renovations. For a landlord or small-portfolio investor, focusing on properties that qualify for the Section 8 program and ensuring they meet the necessary standards can provide a steady, if modest, stream of income.
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.