Location: Kingston, NY | Metro: Kingston, NY MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,230 |
| 1 Bedroom | $1,350 |
| 2 Bedrooms | $1,760 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,320 |
| 5 Bedrooms | $2,691 |
| 6 Bedrooms | $3,014 |
| 7 Bedrooms | $3,255 |
| 8 Bedrooms | $3,418 |
U.S. Census Bureau data (2024)
The rental landscape in ZIP code 12420 is uniquely shaped by its relatively high median income of $120,559 and a nearly nonexistent rental market, with only 0.0% of the population renting. Given these conditions, the ability of households to afford market-rate rents becomes a moot point due to the lack of available rental data, indicated by the N/A values. However, the comparison between the median income and the Fair Market Rent (FMR) for Section 8 vouchers provides a clearer picture.
The voucher payment standard for ZIP 12420 in fiscal year 2024 is set at $1750. This amount is significantly lower than the median income of the area, suggesting that even with the voucher assistance, many households could still afford higher rent payments if market-rate rentals were available. The disparity between the median income and the voucher payment standard highlights an affordability gap where potential renters might find it challenging to secure housing without financial assistance.
In a market with such a low percentage of renters, competition among landlords is minimal. This situation could be advantageous for landlords willing to accept Section 8 vouchers, as they would likely have fewer competitors for rental units. However, the limited rental demand also means that there is less overall interest in leasing properties, which could affect the number of tenants interested in voucher-assisted housing.
Takeaway for Landlords:
Data Sources: FMR data from HUD (2027). 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.