Location: Greene County, NY | Metro: Greene County, NY
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 | $960 |
| 1 Bedroom | $1,090 |
| 2 Bedrooms | $1,350 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,100 |
| 5 Bedrooms | $2,436 |
| 6 Bedrooms | $2,728 |
| 7 Bedrooms | $2,946 |
| 8 Bedrooms | $3,093 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,760 | $355,715 | 0.49% | F |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 12405 presents a unique challenge for both tenants and landlords. With a median income of $97,500, households in this area have a solid financial foundation. However, the absence of specific market rate data suggests a scarcity of detailed local rental market insights, which is critical for understanding the true cost of living.
In contrast, the Federal Market Rent (FMR) for ZIP 12405 is set at $1,370 per month for the fiscal year 2026. This figure represents the maximum amount that a Section 8 voucher will cover for a unit in this ZIP code. Given the median income, it appears that a typical household could afford a higher market rate than the FMR, but without concrete market rate figures, it's challenging to determine the exact affordability gap.
The ZIP code has a relatively low percentage of renters at 9.8%, indicating that homeownership is prevalent. The total population of 447 suggests a tight-knit community where rental units might be limited, leading to intense competition among landlords. In such a scenario, landlords who accept Section 8 vouchers could find themselves with a steady stream of tenants, albeit at the FMR rate.
For landlords considering their strategy, accepting Section 8 vouchers offers stability and a guaranteed income source, albeit at a fixed rate. On the other hand, relying on cash-paying tenants could potentially yield higher rents if the market rate exceeds the FMR. However, the smaller pool of renters means that attracting cash-paying tenants might require more effort and possibly lower initial rates to secure occupancy.
The takeaway for landlords is that while there may be opportunities to charge above the FMR, the limited number of renters and potential difficulty in finding cash-paying tenants could make voucher acceptance a viable option. Landlords should weigh the benefits of stable, government-backed income against the possibility of earning more from cash-paying tenants who can afford higher rates.
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.