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 | $229,091 | 0.67% | D |
| 3BR | $1,840 | $270,417 | 0.68% | D |
U.S. Census Bureau data (2024)
ZIP code 12175, located in Summit, NY, is a small, predominantly owner-occupied neighborhood with a total population of 612 residents. Only 7.1% of the households are renters, indicating a strong preference for homeownership in the area. The median household income is relatively high at $90,250, suggesting that residents have a good financial standing. Median home values are also noteworthy at $233,701, reflecting a stable housing market where property values are solid.
From an investment perspective, the Fair Market Rent (FMR) for ZIP 12175 as of fiscal year 2024 is set at $1,450. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in the area. Given the lack of data on market rents, it's challenging to compare the FMR directly; however, the high median income suggests that market rents could be competitive, potentially higher than the FMR. Landlords should be aware that the low percentage of renters might make finding eligible tenants more difficult, but the financial stability of the area could attract those who qualify for assistance.
The decision to invest in ZIP 12175 depends on the investor's strategy. For a hands-off voucher operator, the neighborhood presents a risk due to the limited number of potential tenants and the need for continuous management to ensure compliance with Section 8 requirements. On the other hand, a hands-on value-add buyer might find opportunities to improve properties and increase their appeal to both Section 8 tenants and market-rate renters, thereby maximizing returns. The key will be understanding the local demand and the willingness of residents to participate in the Section 8 program.
In summary, ZIP 12175 in Summit, NY, offers a stable environment with solid property values and a financially secure resident base. However, the scarcity of rental units means that landlords must be prepared to manage the challenges of attracting and retaining eligible tenants. A hands-on approach could be rewarded through targeted improvements and strategic marketing to both Section 8 and market-rate renters.
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.