Location: Kingston, NY | Metro: Kingston, 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 | $1,180 |
| 1 Bedroom | $1,250 |
| 2 Bedrooms | $1,640 |
| 3 Bedrooms | $2,030 |
| 4 Bedrooms | $2,170 |
| 5 Bedrooms | $2,517 |
| 6 Bedrooms | $2,819 |
| 7 Bedrooms | $3,045 |
| 8 Bedrooms | $3,197 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,640 | $241,025 | 0.68% | D |
| 3BR | $2,030 | $308,793 | 0.66% | D |
| 4BR | $2,170 | $374,444 | 0.58% | F |
U.S. Census Bureau data (2024)
A skeptical investor considering ZIP 12428 (Ellenville, NY) might raise several valid concerns regarding the feasibility of renting out properties under Section 8. Let's address these objections head-on using the available data.
Objection 1: Will Fair Market Rent (FMR) of $1540 (for zip FY 2024) cover the mortgage on a $295,433 home?
The FMR of $1540 per month in Ellenville, NY, does not fully cover the mortgage on a $295,433 home. To understand why, consider that a typical mortgage payment for a home priced at $295,433 could be around $1,300 to $1,600 per month, depending on interest rates and loan terms. At $1540, the FMR does cover the mortgage payment but leaves little room for other expenses such as property taxes, insurance, maintenance, and utilities. This means that landlords must carefully manage their costs to ensure profitability.
Objection 2: Is there enough renter demand at 41.1%?
The 41.1% renter occupancy rate in ZIP 12428 suggests that there is moderate demand for rental properties. While this figure is below the national average, it indicates that nearly half of the housing units are rented, which can still support a significant number of rental properties. However, the data alone does not provide a complete picture of the local rental market dynamics. It is important to consider additional factors such as the availability of alternative housing options, population trends, and the local economy to gauge the overall stability and growth potential of the rental market.
Objection 3: Will vouchers keep pace with $1,251 market rents?
The question of whether vouchers will keep pace with market rents of $1,251 requires an understanding of how voucher amounts are determined and adjusted over time. The Housing Choice Voucher program, commonly known as Section 8, typically pays a portion of the rent based on the tenant's income. In ZIP 12428, the FMR is set at $1540, which is higher than the market rent of $1,251. This suggests that the voucher amount should generally cover the market rent, assuming the voucher holder's income does not exceed the threshold for receiving assistance. However, the actual voucher amount can vary based on individual circumstances and the specific rules of the local housing authority. Landlords should verify the details of the voucher program locally to ensure they receive adequate compensation.
In summary, while the FMR covers the mortgage payment, careful cost management is necessary. The renter demand is moderate, but further investigation into local market conditions is advised. Lastly, vouchers should cover the market rent, but individual cases and local policies must be considered.
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.