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 | $1,160 |
| 1 Bedroom | $1,340 |
| 2 Bedrooms | $1,610 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,120 |
| 5 Bedrooms | $2,459 |
| 6 Bedrooms | $2,754 |
| 7 Bedrooms | $2,974 |
| 8 Bedrooms | $3,123 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,610 | $260,714 | 0.62% | D |
| 3BR | $1,920 | $347,142 | 0.55% | F |
| 4BR | $2,120 | $455,051 | 0.47% | F |
| 5BR | $2,459 | $479,401 | 0.51% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP 12198, Wynantskill, NY, are defined by the SAFMR (Small Area Fair Market Rent) rates set specifically for this ZIP code. For a two-bedroom apartment in FY 2024, the SAFMR is $1190. This figure represents the maximum amount that the government will pay towards the rent for a unit deemed suitable under the program.
The local market rent for a two-bedroom apartment in Wynantskill, as per Census ACS data, stands at $1,216. This indicates that the market slightly exceeds the SAFMR, leaving a potential shortfall for landlords who participate in the Section 8 program.
A landlord must understand that the total reimbursement from a Section 8 voucher includes both the tenant's contribution and the utility allowance. The tenant typically pays 30% of their adjusted income toward rent. If the average income of a tenant in this area is considered, let's assume it is $1,500. Thus, the tenant would contribute approximately $450 ($1,500 * 0.30).
The utility allowance varies but is generally around $200-$300 per month. For simplicity, we'll use an average utility allowance of $250. Therefore, the total reimbursement a landlord can expect from a Section 8 voucher for a two-bedroom unit would be the sum of the SAFMR and the utility allowance: $1190 + $250 = $1440.
This reimbursement is split between the government subsidy and the tenant's payment. In our example, the landlord receives $1190 from the government and $450 from the tenant, totaling $1640. However, this calculation is illustrative; the actual tenant contribution depends on their individual income.
To summarize the financial impact, if the market rent is $1,216 and the total reimbursement is $1640, there is a surplus of $424 for the landlord. Conversely, if the market rent is higher than $1,216, there could be a gap where the landlord does not receive the full market value for the rental property.
In ZIP 12198, landlords should anticipate a slight surplus when renting a two-bedroom apartment to a Section 8 participant, given the SAFMR and typical market conditions. This surplus can be a deciding factor for landlords considering participation in the 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.