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 | $1,130 |
| 1 Bedroom | $1,300 |
| 2 Bedrooms | $1,560 |
| 3 Bedrooms | $1,860 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,560 | $351,444 | 0.44% | F |
| 3BR | $1,860 | $451,540 | 0.41% | F |
| 4BR | $2,050 | $615,166 | 0.33% | F |
| 5BR | $2,378 | $605,991 | 0.39% | F |
U.S. Census Bureau data (2024)
The ZIP code 12118, located in Mechanicville, NY, has a population of 17,069 residents, with 31.1% being renters. This indicates a significant portion of the community relies on rental housing, making it a viable market for Section 8 tenants. However, the median household income stands at $92,710, which is relatively high compared to the typical market rent of $1,508.
To understand the financial dynamics, consider that the average rent consumes approximately 16.2% of the median household income. This figure is calculated by dividing the market rent ($1,508) by the median household income ($92,710), then multiplying by 100 to get the percentage. The Federal Market Rent (FMR) for FY 2024 in this ZIP code is $1,190, indicating that the market rent is higher than the federally determined fair market rate. This suggests that landlords may face some challenges in attracting tenants who solely rely on vouchers, as the voucher amount may not cover the full market rent.
In terms of tenant profiles, landlords in Mechanicville can expect a mix of individuals and families who might need assistance through Section 8 vouchers. These tenants will likely have a combined income that allows them to contribute towards the gap between the voucher amount and the market rent. Landlords should be prepared to negotiate and possibly offer incentives to attract tenants whose incomes fall below the median but still require additional support to afford the rent.
Overall, while there is a substantial renter population, the high median income and market rent suggest that the ZIP code is not characterized by deep voucher demand. Instead, it is an area where landlords must balance their rent expectations with the realities of federal assistance levels.
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.