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 | $1,310 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,870 |
| 3 Bedrooms | $2,270 |
| 4 Bedrooms | $2,460 |
| 5 Bedrooms | $2,854 |
| 6 Bedrooms | $3,196 |
| 7 Bedrooms | $3,452 |
| 8 Bedrooms | $3,625 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,870 | $440,577 | 0.42% | F |
| 3BR | $2,270 | $547,265 | 0.41% | F |
| 4BR | $2,460 | $674,932 | 0.36% | F |
U.S. Census Bureau data (2024)
ZIP code 12440, located in High Falls, NY, falls within the Kingston, NY Metropolitan Statistical Area (MSA). The Fair Market Rent (FMR) for ZIP 12440 in fiscal year 2024 is set at $1990. This figure is critical for landlords participating in the Section 8 program, as it determines the maximum rental amount that can be subsidized.
The median home value in ZIP 12440 stands at $490,043, which is notably higher than the typical home values found in other ZIP codes within the Kingston, NY MSA. However, the lack of reported market rent data suggests that the area might have a smaller rental market compared to its neighboring ZIP codes.
With a 25.7% share of renters, ZIP 12440 has a significant but not overwhelming proportion of tenants. Typically, ZIP codes within the Kingston, NY MSA will have varying renter shares, but a higher percentage combined with lower-than-average market rents can indicate a potential value pocket for Section 8 properties. In this case, the absence of market rent data makes it difficult to draw a direct comparison, but the high median home value suggests that the area is more likely to be considered a premium sub-market within the larger metro region.
The combination of a high median home value and a substantial renter share without specific market rent data could imply that the rental market in ZIP 12440 is less competitive or that there is a greater demand for affordable housing options. For landlords, this ZIP code represents an opportunity to serve a niche market with properties that align with the Section 8 guidelines, potentially offering higher subsidies due to the higher FMR relative to the overall home values in the area.
In summary, ZIP 12440 appears to be a premium sub-market within the Kingston, NY MSA, characterized by high home values and a notable renter population. Landlords should consider the $1990 FMR when setting rental rates for Section 8 properties to ensure compliance and maximize subsidy benefits.
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.