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 | $1,260 |
| 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 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $2,070 | $375,449 | 0.55% | F |
U.S. Census Bureau data (2024)
Rental prices in ZIP 12147 are notably lower than the Fair Market Rent (FMR) for the region. According to recent listings, the average rent for a 3+ bedroom unit is between $300 and $499 per month, inclusive of utilities. This is significantly below the FMR of $1190 for FY 2024, indicating that there is ample room for voucher holders to find suitable housing within the limits of their monthly payment.
In this ZIP code, landlords should anticipate tenants who are likely to be on fixed incomes and heavily reliant on their Section 8 vouchers. These tenants will expect affordable housing options, and the low market rents in the area make it feasible for them to secure a home without exceeding their voucher limits. Despite the overall affluence indicated by the median household income of $85,875, the actual rent consumed by voucher recipients will be a much smaller proportion of their total income.
Landlords in ZIP 12147 should prepare for a tenant pool that is primarily composed of individuals or families with lower incomes. They should be ready to offer properties that fit within the typical rental price range of $300 to $499 per month, especially for larger units. Given the scarcity of renters in the area, competition among those seeking rental properties could be intense, making it important for landlords to ensure their properties meet the needs of potential tenants.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.