Location: Montgomery County, 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 | $1,100 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $233,834 | 0.66% | D |
| 3BR | $1,840 | $287,630 | 0.64% | D |
| 4BR | $2,030 | $381,596 | 0.53% | F |
U.S. Census Bureau data (2024)
The median income in ZIP code 12066, Esperance, NY, stands at $78,571. Given the market rate for rent is $1,154 according to the Census ACS, let's break down the affordability for households. A monthly rent of $1,154 represents approximately 15% of the median annual income when divided into 12 months. This suggests that the majority of renters could afford the market rate without significant financial strain.
However, comparing this to the Fair Market Rent (FMR) standard set at $1,440 for zip code 12066 in fiscal year 2024, it becomes evident that the market rate is below the voucher payment standard. This means that landlords accepting Section 8 vouchers could potentially receive higher rent payments than the current market rate.
With only 13.2% of the 1,863 population being renters, the competition among landlords is relatively low. The scarcity of rental properties means that landlords have a smaller pool of tenants to choose from, but also indicates that those who do rent might be more selective, seeking better quality or amenities.
The affordability gap between the market rate and the voucher payment standard is significant. It means that landlords who accept vouchers can benefit from guaranteed, government-subsidized rent payments that exceed the typical market rate. For those considering whether to adopt a voucher versus cash-pay strategy, the decision should factor in the local tenant demand and the potential for higher, consistent rental income through vouchers.
In conclusion, Esperance, NY offers an opportunity for landlords to either compete in a modestly priced market or leverage the higher voucher payments to secure stable, long-term tenancies. Landlords should weigh the benefits of steady income against any administrative complexities associated with participating in the Section 8 program.
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.