Location: Otsego 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 | $229,887 | 0.67% | D |
| 3BR | $1,840 | $278,749 | 0.66% | D |
| 4BR | $2,030 | $305,268 | 0.66% | D |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP 12149, which encompasses Richmondville, NY, in Schoharie County, operate under specific parameters that landlords should understand. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2024 is set at $1190. This figure is important because it is the maximum amount that the housing authority will reimburse a landlord for a Section 8 voucher tenant.
In contrast, the local market rent for a two-bedroom unit in ZIP 12149 is reported to be $860 according to the Census ACS (American Community Survey) data. This lower market rate can influence a landlord's decision on whether to accept a Section 8 tenant, as it might seem advantageous to receive the higher SAFMR rate.
A Section 8 voucher pays the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their income. In addition to the base rent, there are utility allowances that can vary but are usually capped. For a two-bedroom apartment, the utility allowance is often around $300-$350. Thus, if a tenant’s income is $1000 per month, their portion of the rent would be $300, leaving the housing authority to cover the remaining $890 of the SAFMR, plus any applicable utility allowance.
The SAFMR being set specifically for this ZIP code means that the rate is tailored to reflect the rental market conditions of Richmondville, NY, rather than a broader average. This specificity aims to ensure that the reimbursement is fair and reflects the actual cost of renting in the area.
To illustrate the financial implications, consider a two-bedroom apartment rented at the SAFMR of $1190. If the tenant’s income is $1000, they would pay $300 towards rent, and the housing authority would cover the remaining $890, plus an additional utility allowance of approximately $300. Therefore, the total reimbursement a landlord could expect would be around $1190.
Given the local market rent of $860, a landlord accepting a Section 8 tenant would see a surplus of $330 per month over the typical market rate for a two-bedroom apartment in ZIP 12149. This surplus makes Section 8 vouchers particularly attractive for landlords in this area, as they can receive a higher rent payment than the prevailing market rates while still providing affordable housing to tenants.
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.