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 | $1,140 |
| 1 Bedroom | $1,310 |
| 2 Bedrooms | $1,570 |
| 3 Bedrooms | $1,870 |
| 4 Bedrooms | $2,060 |
| 5 Bedrooms | $2,390 |
| 6 Bedrooms | $2,677 |
| 7 Bedrooms | $2,891 |
| 8 Bedrooms | $3,036 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,570 | $239,934 | 0.65% | D |
| 3BR | $1,870 | $276,525 | 0.68% | D |
| 4BR | $2,060 | $294,588 | 0.7% | D |
U.S. Census Bureau data (2024)
The ZIP code 12209 in Albany, NY, represents a moderately renter-heavy area with 34.0% of its population renting homes. This indicates a significant portion of residents who might rely on rental housing, including those who could be eligible for Section 8 housing vouchers. However, the high median household income of $89,390 suggests that the overall demand for deep voucher assistance may not be as prevalent as in lower-income areas.
The typical market rent in this area stands at $1,198, which consumes approximately 13.4% of the median household income. This percentage is calculated by dividing the average monthly rent by the annual median household income and multiplying by 100. The Federal Market Rent (FMR) for ZIP 12209 is set at $1,330 for FY 2024, slightly higher than the current market rent. This difference implies that landlords may have some flexibility in adjusting their rents closer to the FMR without significantly deterring potential tenants who qualify for vouchers.
A landlord in ZIP 12209 can expect a diverse tenant pool, but one where the majority of residents are likely to have stable employment and higher incomes compared to national averages. Tenants using Section 8 vouchers will still find the rent affordable given the income levels, making it a viable option for them despite the relatively high cost of living. Landlords should prepare to attract tenants who value the location's amenities and are willing to pay a premium for housing while still benefiting from government assistance.
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.