Section 8 Fair Market Rent (FMR) for ZIP 12065 - 2027

Investment Score for ZIP 12065

Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)

FY 2027 Fair Market Rent Rates

Unit Size	Monthly FMR
Studio	$1,370
1 Bedroom	$1,570
2 Bedrooms	$1,890
3 Bedrooms	$2,250
4 Bedrooms	$2,480
5 Bedrooms	$2,877
6 Bedrooms	$3,222
7 Bedrooms	$3,480
8 Bedrooms	$3,654

Investment Analysis by Bedroom Size

Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)

Bedrooms	Monthly FMR	Median Price	1% Rule	Grade
2BR	$1,890	$298,638	0.63%	D
3BR	$2,250	$449,038	0.5%	F
4BR	$2,480	$556,685	0.45%	F
5BR	$2,877	$598,465	0.48%	F

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

### Market Analysis for ZIP Code 12065 (Clifton Park, NY) #### Section 8 Voucher Dynamics The Fair Market Rent (FMR) for Clifton Park, NY, as of 2026, is set at $1840 for a two-bedroom unit. This figure represents 19.4% of the median household income in the area, which stands at $113,873. However, the actual median rent for a two-bedroom unit on Zillow is significantly higher, at $288,369. This translates to a price-to-FMR ratio of 13.1x, indicating that actual rental prices far exceed the FMR. For voucher holders, this means that finding affordable housing can be challenging. The FMR is designed to cover the cost of housing that is modest but adequate, and it is typically used as a benchmark for determining the maximum amount of assistance a voucher holder can receive. Given the high actual rental prices, voucher holders would likely face difficulties in securing housing that fits within their budget. For example, a voucher holder with a two-bedroom unit might only be able to afford a rent of $1840, while the actual market rent is $288,369. This discrepancy creates significant constraints for those relying on Section 8 vouchers. #### Affordability & Renter Profile Clifton Park has a population of 45,116, with 29.8% of residents being renters. The occupancy rate is quite high at 94.7%, suggesting a tight rental market where demand outstrips supply. The median household income is relatively high at $113,873, which implies that most residents have the financial capacity to afford higher rents. However, for those who are renting and rely on Section 8 vouchers, the situation is much more challenging. Given the high price-to-FMR ratio, it is clear that the market is not particularly affordable for low-income renters. The median rent for a two-bedroom unit is nearly 13 times the FMR, making it difficult for voucher holders to find suitable housing. Additionally, the high occupancy rate indicates that there is little room for new rentals, further tightening the market for all renters, including those with Section 8 vouchers. #### Investor Angle From an investor's perspective, the ZIP code 12065 presents both opportunities and challenges. The FMR for a two-bedroom unit is $1840, which is significantly lower than the actual median rent of $288,369. However, the high occupancy rate suggests that there is strong demand for rental properties, even at these elevated prices. To determine if this ZIP code is cash-flow positive at FMR, we need to consider the typical expenses associated with owning and managing rental properties. These include mortgage payments, property taxes, insurance, maintenance, and other operational costs. Assuming a conservative estimate of 75% of the FMR going towards these expenses, a landlord would need to collect approximately $1380 per month to break even. Given that the FMR is $1840, this leaves a potential profit margin of about $460 per month for a two-bedroom unit. However, the actual median rent of $288,369 is far above the FMR, suggesting that landlords could potentially earn much higher profits by charging market rates. Yet, this also means that they would be less likely to accept Section 8 vouchers, given the constraints on rent pricing. In terms of investment grade, Clifton Park appears to be a high-grade investment due to its strong demand and high median household income. However, the suitability for Section 8-focused investors is questionable, given the limited number of units that would fit within the FMR guidelines and the high competition for rental properties. #### Specific Actionable Insights 1. **Focus on Smaller Units**: Given the high price-to-FMR ratio, investors should focus on developing or acquiring smaller units, such as one-bedroom or studio apartments. The FMR for a one-bedroom unit is $1530, which is still significantly below the actual median rent. By targeting these smaller units, investors can better align with the needs of Section 8 voucher holders and potentially attract more tenants. 2. **Consider Subsidized Housing Projects**: To make a two-bedroom unit more attractive to voucher holders, investors might consider applying for subsidies or grants that can help reduce the overall cost of the unit. This could involve working with local government agencies to secure additional funding or tax incentives that would allow the unit to be rented at or near the FMR without significant loss of profitability. 3. **Develop Relationships with Local Agencies**: Building relationships with local housing authorities and social service organizations can provide valuable insights into the needs of voucher holders and help navigate the complexities of accepting Section 8 vouchers. These agencies often have programs and resources that can support landlords in maintaining properties and ensuring compliance with housing standards. #### Bottom Line For Section 8-focused investors, Clifton Park, NY (ZIP 12065) presents a challenging environment due to the high price-to-FMR ratio and limited availability of units that fit within the FMR guidelines. While the overall rental market is strong and profitable, the specific dynamics of Section 8 vouchers make this ZIP code less favorable for such investments. Therefore, the recommendation for Section 8-focused investors is to **skip** this ZIP code and look for areas with a more favorable price-to-FMR ratio and greater availability of units that fit within the FMR guidelines.

Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-08-31). 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.