Location: Greene County, NY | Metro: Greene County, NY
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,030 |
| 1 Bedroom | $1,140 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,840 |
| 4 Bedrooms | $2,110 |
| 5 Bedrooms | $2,448 |
| 6 Bedrooms | $2,742 |
| 7 Bedrooms | $2,961 |
| 8 Bedrooms | $3,109 |
U.S. Census Bureau data (2024)
The economics of Section 8 housing in ZIP code 12482 are straightforward. The SAFMR (Section 8 Area Fair Market Rent) for a two-bedroom apartment in this ZIP code for fiscal year 2026 is set at $1,550. This figure represents the maximum amount that the government will pay toward rent for a unit of this size in this specific area. However, it's important to understand how this interacts with the actual local market conditions.
The Census ACS (American Community Survey) reports that the local market rent for a two-bedroom apartment in ZIP 12482 averages $958. This is significantly lower than the SAFMR. When a landlord participates in the Section 8 program, they receive a voucher payment from the government that covers most of the tenant’s rent, but not all. The tenant themselves must contribute a portion of their income towards rent, typically around 30% of their adjusted monthly income.
To illustrate, let's assume a tenant's portion of the rent is $300. The government would then cover the difference between the tenant's contribution and the SAFMR, which in this case would be $1,250. However, the actual market rent is lower, at $958. Therefore, the total reimbursement a landlord receives for a two-bedroom unit is the sum of the tenant's contribution and the government's subsidy, which in this example would be $1,250 + $300 = $1,550.
This creates an interesting situation where the landlord could potentially charge a higher rent, up to the SAFMR limit, but doing so would mean the tenant has to find additional funds beyond their $300 contribution to meet the higher rent. In practice, many landlords opt to keep rents closer to the market rate, as this makes it easier for tenants to afford the housing.
In ZIP 12482, if you charge the market rate of $958, the government would subsidize the remaining $1,250, ensuring your rental income matches the SAFMR of $1,550. This means there is no need to worry about the gap between the market rent and the SAFMR. Instead, you can expect a consistent income stream that meets the SAFMR without having to rely on the tenant to cover any shortfall.
However, if you decide to charge the full SAFMR of $1,550, the reimbursement gap would be $1,550 - $958 = $592. This gap must be covered by the tenant, which could be challenging depending on their income level. Conversely, if you charge less than the market rate, say $850, the government would still reimburse up to the SAFMR, resulting in a surplus of $700 ($1,550 - $850).
In summary, landlords in ZIP 12482 should consider the SAFMR of $1,550 and the local market rent of $958 when setting their own rental rates. Charging at or near the market rate ensures a steady income flow that aligns with the SAFMR, while deviating from this rate either upwards or downwards introduces potential surpluses or gaps that must be managed carefully.
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.