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: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,840 | $321,230 | 0.57% | F |
U.S. Census Bureau data (2024)
ZIP code 12187 is located within the Albany-Schenectady-Troy, NY MSA. The Fair Market Rent (FMR) for ZIP 12187 in fiscal year 2024 is set at $1190. This figure is crucial for landlords and small-portfolio investors who participate in the Section 8 housing choice voucher program.
The market rent for ZIP 12187 is currently unavailable. However, its home value stands at $270,267, which is an important metric for understanding the overall property values in the area. Additionally, the renter share in ZIP 12187 is 8.6%, indicating that slightly less than one-tenth of households are renters.
To determine the position of ZIP 12187 within the broader Albany-Schenectady-Troy, NY MSA, we can compare these figures to typical ZIP codes in the same metro area. Generally, ZIP codes with higher renter shares and lower home values compared to the metro average are considered value pockets, ideal for Section 8 properties. Conversely, ZIP codes with lower renter shares and higher home values are often seen as premium sub-markets, while those with moderate values across both metrics are classified as mid-tier neighborhoods.
Given that the FMR for ZIP 12187 is $1190, this suggests that it could be a value pocket within the metro area, especially if the typical FMR for the Albany-Schenectady-Troy, NY MSA is higher. The absence of market rent data makes it challenging to draw a direct comparison, but assuming the FMR is a reasonable proxy for market rent, it supports this hypothesis. Furthermore, the home value of $270,267 might be lower than the metro-wide average, which would further suggest that ZIP 12187 is indeed a value pocket.
The renter share of 8.6% is relatively low, which typically points towards a premium sub-market. However, without specific metro-wide averages, it's difficult to conclusively state this. If the metro-wide renter share is significantly higher, then the lower renter share in ZIP 12187 could indicate a stronger preference for homeownership, reducing its attractiveness as a Section 8 location. Nonetheless, the combination of a lower home value and a slightly above-average renter share could still make ZIP 12187 a sweet spot for Section 8 properties, particularly if the FMR is indeed indicative of a lower market rent.
In summary, ZIP 12187 appears to be a value pocket within the Albany-Schenectady-Troy, NY MSA, characterized by a lower FMR and home value, along with a modest renter share. This positioning makes it a favorable location for landlords and small-portfolio investors looking to engage with the Section 8 program.
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.