Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| 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 |
U.S. Census Bureau data (2024)
The renter's perspective in ZIP code 12194 reveals a complex landscape where affordability plays a critical role. Given the median income of $91,250, households must carefully consider their rental options. The market rate for rentals in this area is currently unavailable, which makes it challenging to assess the exact financial burden on residents. However, comparing the median income to the Fair Market Rent (FMR) set at $1190 for zip FY 2024 provides some insight into the housing situation.
The FMR is designed to ensure that low-income families have access to decent, safe, and sanitary housing. At $1190, this figure represents a significant portion of the monthly income for many households in 12194. With only 15.0% of the population renting, and a total population of 162, the competition among landlords could be relatively low, but the demand for affordable housing remains high.
The affordability gap in 12194 means that landlords must be strategic when deciding between accepting Section 8 vouchers or relying solely on cash-paying tenants. Accepting vouchers ensures a steady stream of income, albeit at a fixed rate, while cash-paying tenants might offer higher rents but come with the risk of vacancy due to the limited pool of potential renters who can afford above-market rates.
Takeaway: For landlords considering their strategy in ZIP 12194, focusing on Section 8 voucher acceptance could provide a stable tenant base and align with the community's need for affordable housing. This approach is particularly beneficial given the limited number of renters and the high cost of living relative to the median income.
Data Sources: FMR data from HUD (2027). 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.