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 | $1,110 |
| 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 |
|---|---|---|---|---|
| 2BR | $1,540 | $149,851 | 1.03% | B |
| 3BR | $1,840 | $173,987 | 1.06% | B |
| 4BR | $2,030 | $200,097 | 1.01% | B |
U.S. Census Bureau data (2024)
Schenectady, NY's ZIP code 12307 stands out due to its unique demographic and economic characteristics. With a population of 7,050 residents, it has a high rental rate of 73.7%, indicating a strong demand for rental properties. Despite this high rental rate, the median income in the area is relatively low at $24,758, which contrasts sharply with the median home value of $170,047, suggesting that homeownership is less common and potentially more challenging for local residents.
The economic dynamics in ZIP 12307 are further defined by the disparity between the Fair Market Rent (FMR) and the actual market rent. The FMR for the zip code for fiscal year 2024 is set at $1,210, while the Census American Community Survey (ACS) indicates a market rent of $1,106. This means that landlords participating in the Section 8 program can expect to receive slightly higher rents through vouchers compared to the typical market rates. However, the difference is marginal, and landlords should be prepared for the administrative complexities associated with the Section 8 program.
Based on the data available, ZIP 12307 presents a stable picture overall. The high percentage of renters suggests a consistent demand for affordable housing options, making it a viable market for those willing to engage with the Section 8 program. The slight increase in voucher rates over market rates could help offset some of the challenges associated with lower median incomes, ensuring that landlords can maintain profitability while providing necessary housing support.
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.