Location: Sullivan County, NY | Metro: Kingston, NY MSA
| 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 |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 12483 are defined by the SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment, which is set at $1610 per month for fiscal year 2024. This SAFMR figure is specifically tailored for this ZIP code, reflecting the local housing market conditions more accurately than broader regional averages.
Local market rents for two-bedroom apartments in ZIP 12483 are currently unavailable, making it difficult to directly compare the SAFMR with prevailing market rates. However, landlords can still rely on the SAFMR as a benchmark for setting their rental prices and understanding the financial landscape of subsidized housing.
A Section 8 voucher works by covering the difference between what a low-income tenant can afford and the actual rent. Specifically, the tenant's contribution is generally capped at 30% of their adjusted income. For instance, if a tenant has an adjusted monthly income of $1500, they would contribute approximately $450 towards rent ($1500 x 0.30).
The remaining amount is supposed to be covered by the voucher. In ZIP 12483, the voucher will cover up to $1610 minus the tenant's contribution. So, if the tenant contributes $450, the voucher would pay the landlord $1160 ($1610 - $450).
In addition to the base rent, utility allowances are also factored into the total reimbursement. These allowances vary but are designed to help cover the cost of utilities. For a two-bedroom apartment in ZIP 12483, the utility allowance might be around $300 per month, depending on the specifics of the voucher program and local regulations.
This means the total reimbursement to the landlord could be approximately $1460 per month ($1160 base rent + $300 utilities). If the landlord charges more than $1610 for rent, the excess must be paid entirely by the tenant, which could lead to non-payment or eviction if the tenant cannot afford the additional costs.
Given these figures, landlords in ZIP 12483 should expect a reimbursement gap if the market rent exceeds the SAFMR. Conversely, if the market rent is lower than the SAFMR, landlords might receive a surplus. Without specific local market rent data, it's challenging to determine the exact gap or surplus, but landlords should aim to align their rental prices closely with the SAFMR to ensure stable tenancy and avoid financial risks.
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.