Location: Kiryas Joel-Poughkeepsie-Newburgh, NY | Metro: Kiryas Joel-Poughkeepsie-Newburgh, 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 | $1,230 |
| 1 Bedroom | $1,400 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,260 |
| 4 Bedrooms | $2,430 |
| 5 Bedrooms | $2,819 |
| 6 Bedrooms | $3,157 |
| 7 Bedrooms | $3,410 |
| 8 Bedrooms | $3,581 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,790 | $432,357 | 0.41% | F |
| 3BR | $2,260 | $619,262 | 0.36% | F |
| 4BR | $2,430 | $914,981 | 0.27% | F |
| 5BR | $2,819 | $2,278,730 | 0.12% | F |
U.S. Census Bureau data (2024)
ZIP code 12545, located in Millbrook, NY, is primarily a homeowner-dominated area with only 36.2% of residents renting. This indicates that the demand for rental properties, especially those utilizing Section 8 vouchers, is relatively low compared to areas with higher percentages of renters. The median household income in this ZIP is $101,354, which provides context for the affordability of the average market rent of $1,264.
To assess the financial impact on tenants, we can calculate the percentage of local income that goes towards rent. In Millbrook, the typical rent eats up approximately 15% of the median household income. This is calculated by dividing the average market rent ($1,264) by the median household income ($101,354), then multiplying by 12 months and finally by 100 to get the percentage. This figure suggests that most tenants can afford their rent comfortably without relying heavily on subsidies.
The Fair Market Rent (FMR) for the area, as set by HUD for FY 2024, is $1,700. This is significantly higher than the market rent of $1,264, indicating that the rental market in Millbrook is below the federal benchmark. Landlords in this area might find it challenging to raise rents to the FMR level due to the lower actual market rates.
The tenant profile landlords should expect in ZIP 12545 includes individuals and families who can afford market-rate rents without extensive need for assistance. While some may utilize Section 8 vouchers, the overall number of voucher holders is expected to be lower due to the high median income and the majority of residents owning homes. Tenants will likely have stable incomes, given the economic conditions of the area, and be able to cover rent and other living expenses without significant strain.
In summary, Millbrook, NY, is not an ideal location for landlords seeking a high concentration of Section 8 tenants. Instead, it offers a market where most renters can pay market rates, and landlords can expect financially stable tenants who do not heavily rely on government subsidies.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.