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 | $1,100 |
| 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: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $224,613 | 0.69% | D |
| 3BR | $1,840 | $287,521 | 0.64% | D |
| 4BR | $2,030 | $358,432 | 0.57% | F |
U.S. Census Bureau data (2024)
The Section 8 market analysis for ZIP code 12157, located in Schoharie, NY, within the Albany-Schenectady-Troy, NY MSA, reveals a favorable environment for landlords and small-portfolio investors. The HUD Fair Market Rent (FMR) for this area in fiscal year 2024 is set at $1190. In comparison, the Census ACS reported market rent stands at $887.
This indicates that voucher tenants would generally cashflow positively at the HUD FMR rate, suggesting strong financial viability for properties rented through the Section 8 program. The difference between the HUD FMR and the actual market rent means landlords can expect to cover their expenses and generate profit from the higher rental income provided by vouchers.
The median home value in ZIP 12157 is $285,705. To understand the rent-to-price ratio, we calculate the annual rent at the HUD FMR rate as $14,280 ($1190 per month), resulting in a rent-to-price ratio of approximately 5%. This low ratio implies that the property's rental income alone does not justify its purchase price, making appreciation and stability more important factors for investors.
However, given the lack of specific data on days on market (DOM) and the percentage of price cuts, it is challenging to fully assess the rent-versus-buy dynamics. Nevertheless, the positive cashflow potential from Section 8 vouchers outweighs these considerations.
The strongest investor angle in this market is cashflow, due to the substantial gap between the HUD FMR and the actual market rent, which ensures steady and reliable income streams for landlords participating in the Section 8 program.
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.