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 | $1,080 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,520 |
| 3 Bedrooms | $1,920 |
| 4 Bedrooms | $2,200 |
| 5 Bedrooms | $2,552 |
| 6 Bedrooms | $2,858 |
| 7 Bedrooms | $3,087 |
| 8 Bedrooms | $3,241 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,920 | $424,044 | 0.45% | F |
U.S. Census Bureau data (2024)
The analysis of ZIP code 12427, primarily located in Greene County, New York, reveals a significant gap between the Fair Market Rent (FMR) and the actual market rent. The FMR for 12427 is set at $1,660 for the fiscal year 2026, while the market rent is not available, indicating a potential discrepancy.
To quantify this gap, let's compare the FMR with the median household income of $115,274 (as of 2021). The FMR represents approximately 14.4% of the median household income, suggesting that rental costs could be lower than what might be expected given the income levels. However, since the market rent is not available, it is challenging to provide an exact percentage gap.
In this context, where the FMR is likely below the market rent, landlords accepting Section 8 vouchers may face a financial disadvantage. The difference between the FMR and market rent can lead to a loss of potential income, which is a critical consideration for yield-focused investors. For instance, if the market rent were $2,000, landlords would receive $340 less per unit, representing a 17% reduction in revenue compared to market rates.
Given the median home value of $412,959 and the relatively high median income, it is clear that 12427 is a middle-class area with a strong economic base. The high income levels suggest that tenants relying on Section 8 vouchers might struggle to afford living in this area without assistance, making it a particularly attractive location for those seeking affordable housing options.
Landlords and small-portfolio investors must weigh the benefits of stable, government-backed rental income against the potential revenue loss when deciding whether to accept Section 8 vouchers. The decision should be informed by a thorough understanding of the local rental market and the financial implications of the FMR versus market rent.
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.