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 | $1,180 |
| 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 |
|---|---|---|---|---|
| 3BR | $2,030 | $449,959 | 0.45% | F |
U.S. Census Bureau data (2024)
ZIP code 12515, located within the Kingston, NY MSA, presents a unique profile compared to other ZIP codes in the same metro area. The Fair Market Rent (FMR) for 12515 is set at $1,500 for fiscal year 2024, which is significantly higher than the average market rent of $1,013. This suggests that rental properties in 12515 might be more expensive due to higher demand or better amenities.
The median home value in 12515 stands at $450,045, which is above the typical range for ZIP codes within the Kingston, NY MSA. However, the renter share of 12515 is 13.6%, indicating a moderate proportion of renters relative to homeowners. This figure is not exceptionally high or low, suggesting a balanced mix of ownership and rental units.
To determine whether 12515 represents a value pocket, a mid-tier neighborhood, or a premium sub-market, it's essential to consider the FMR in relation to market rents and home values. With an FMR of $1,500 and a market rent of $1,013, landlords can expect to receive higher subsidies for Section 8 tenants, making it potentially more profitable for those who participate in the program. The higher home values suggest that the area may attract more affluent buyers and could be considered a premium sub-market for homeownership.
However, the divergence between the FMR and market rent, coupled with the relatively modest renter share, does not clearly indicate a Section 8 sweet spot. Typically, a high renter share with below-average home values would signal such an opportunity, but 12515's higher home values and moderate renter share do not fit this pattern.
In conclusion, ZIP code 12515 appears to be a premium sub-market for homeownership, given the elevated home values. For landlords, while the higher FMR could make Section 8 participation more lucrative, the overall market conditions suggest a mid-tier neighborhood rather than a value pocket. Landlords should carefully evaluate the local demand and competition before investing in this ZIP code.
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.