Location: Albany-Schenectady-Troy, NY | Metro: Albany-Schenectady-Troy, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,590 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,090 |
| 5 Bedrooms | $2,424 |
| 6 Bedrooms | $2,715 |
| 7 Bedrooms | $2,932 |
| 8 Bedrooms | $3,079 |
The ZIP code 12345 is located in Schenectady, NY, which represents an established neighborhood with approximately 7,345 residents. This working-class area is characterized by an affordable housing market, with median home values around $156,475 and a median household income of $37,345. The community features active, family-oriented residents, with a median age of 34.9 years.
Moving into the economic landscape, the Fair Market Rent (FMR) for ZIP 12345 in fiscal year 2024 is set at $1,280. This figure is critical for Section 8 investors as it reflects the benchmark rent subsidized by the government. In comparison, the market rent in Schenectady, NY, is not explicitly stated; however, the overall housing market suggests a median home value that has been around $156,475, indicating a relatively stable rental market.
Given these figures, ZIP 12345 appears to be well-suited for hands-off voucher operators due to the predictable nature of the FMR and the established demand for affordable housing. However, for hands-on value-add buyers, the opportunity lies in the potential to increase property values beyond the median by improving homes or converting them into rental units that cater to a slightly higher income bracket. The current median home value is lower compared to the national average, suggesting a niche for investors who can add value through renovations or strategic location improvements.
Data Sources: FMR data from HUD (2027).
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.