Location: Columbia 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 | $1,230 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,060 |
| 4 Bedrooms | $2,370 |
| 5 Bedrooms | $2,749 |
| 6 Bedrooms | $3,079 |
| 7 Bedrooms | $3,325 |
| 8 Bedrooms | $3,491 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,650 | $274,609 | 0.6% | D |
| 3BR | $2,060 | $338,476 | 0.61% | D |
| 4BR | $2,370 | $381,475 | 0.62% | D |
U.S. Census Bureau data (2024)
ZIP 12168, located in Stephentown, NY, within the Columbia County, NY metro area, is best suited as a cash-flow anchor in a Section 8 portfolio strategy. The Federal Market Rent (FMR) for ZIP 12168 in fiscal year 2024 is set at $1,190, while the median market rent is significantly lower at $618. This creates a positive spread of $572 per unit, which ensures a steady and reliable cash flow for landlords participating in the Section 8 program.
The median home value in ZIP 12168 stands at $314,505, reflecting a stable residential market that is not likely to see rapid appreciation. Given that the price-cut share and days on market (DOM) are not applicable here, this ZIP code does not represent an appreciation play. Instead, the focus should be on the consistent rental income provided by the Section 8 program.
Apart from being a cash-flow anchor, ZIP 12168 also serves as a diversifier due to its 11.6% renter share and median household income of $88,830. These figures indicate a balanced mix of homeowners and renters, with a moderate income level that supports the viability of the Section 8 program.
In conclusion, ZIP 12168 is primarily positioned as a cash-flow anchor within a Section 8 portfolio, thanks to the substantial difference between the FMR and market rent, which guarantees a predictable and positive cash flow. Additionally, its role as a diversifier is supported by the renter share and median income levels, making it a valuable addition to any landlord's investment strategy.
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.