Location: Greene County, 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 | $281,516 | 0.58% | F |
| 3BR | $2,030 | $361,274 | 0.56% | F |
U.S. Census Bureau data (2024)
The ZIP code 12463, located in Palenville, NY, presents a unique challenge for both renters and landlords due to limited economic data. The median income is not available, which complicates assessing the average household's ability to cover the market rate rent of $1,008. This figure represents the typical cost a tenant would pay for housing in the area.
In contrast, the Fair Market Rent (FMR) set by the government for this ZIP code in fiscal year 2024 is $1,700. This higher standard is the amount the Housing Choice Voucher program, commonly known as Section 8, will pay landlords on behalf of eligible tenants. Given the discrepancy between the market rate and the FMR, it suggests that the local rental market might be below the federal benchmark, potentially indicating an affordability issue for some tenants.
With only 21.0% of the 1,373 population being renters, the competition among landlords is likely to be relatively low. However, the scarcity of renters means that landlords must carefully consider their pricing strategies to attract tenants who can afford the rent without financial assistance.
The affordability gap is significant. If the median income is indeed lower than the market rate, households may struggle to meet the $1,008 monthly rent. Landlords should be aware that while the market rate is lower than the FMR, the actual income levels of potential tenants could still make it difficult for them to afford even the lower market rate without support.
For landlords evaluating whether to accept Section 8 vouchers or seek cash-paying tenants, the data points to a strategic decision. Accepting vouchers ensures a steady, government-backed income stream at the higher FMR rate. On the other hand, focusing on cash-paying tenants requires understanding the local economy and possibly setting rents closer to the market rate to remain competitive and attractive to those who can afford to pay without assistance.
The takeaway is that landlords in ZIP 12463 should consider the reliability of voucher payments versus the risk of vacancy among cash-paying tenants. Given the unknown median income and the low percentage of renters, embracing voucher programs could provide a stable occupancy rate and income, mitigating the risks associated with a potentially volatile local rental market.
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.