Section 8 Fair Market Rent (FMR) for ZIP 12432 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

The ZIP code 12432, located in upstate New York, offers a stable and growing rental market that is attractive to both landlords and small-portfolio investors. The area benefits from a mix of residential and commercial properties, with a strong demand for affordable housing.

• The Fair Market Rent (FMR) for a two-bedroom apartment in ZIP 12432 for fiscal year 2024 is set at $1820. This figure represents the benchmark for affordability and is a key consideration for landlords participating in the Section 8 program.
• The average market rent for a two-bedroom apartment in the area is currently $2,022, according to the latest Census American Community Survey (ACS) data. This indicates that the market rent slightly exceeds the FMR, providing a margin for landlords.
• A significant 64.9% of residents in ZIP 12432 are renters, suggesting a robust demand for rental properties and a potentially lower vacancy rate.
• The median household income in the area stands at $48,193, which aligns well with the FMR threshold, making it likely that a substantial portion of the population qualifies for Section 8 assistance.
• Due to the high renter share, the days on market (DOM) for rental listings is expected to be low, though specific data for DOM is not available. This implies quick property turnover and reduced holding costs.
• The lack of data on median home values indicates that the area may be predominantly rental-focused, which is beneficial for investors looking to capitalize on the rental market rather than the homeownership market.

Investors in ZIP 12432 can expect a solid rental market with a high proportion of potential tenants who qualify for Section 8 assistance. The slight premium of market rents over FMR provides a reasonable profit margin, while the strong demand for rentals suggests steady occupancy rates. However, the absence of data on median home values and DOM means that there are some unknowns regarding property sales and rental listing durations. Nonetheless, the combination of high renter share and median income levels that match the FMR criteria makes this area a viable investment opportunity for those interested in the rental sector.

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.