Location: Glens Falls, NY | Metro: Glens Falls, 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 | $970 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,270 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,730 |
| 5 Bedrooms | $2,007 |
| 6 Bedrooms | $2,248 |
| 7 Bedrooms | $2,428 |
| 8 Bedrooms | $2,549 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,270 | $416,178 | 0.31% | F |
| 3BR | $1,590 | $653,505 | 0.24% | F |
| 4BR | $1,730 | $809,035 | 0.21% | F |
U.S. Census Bureau data (2024)
A skeptical investor might question whether the Fair Market Rent (FMR) of $1230 for ZIP code 12808 (Adirondack, NY) in fiscal year 2024 will sufficiently cover the mortgage on a home priced at $571,489. To assess this, consider the average monthly mortgage payment on a $571,489 home with a 30-year fixed-rate mortgage at an interest rate of 4%. The monthly mortgage payment would be approximately $2760, which is significantly higher than the FMR. Therefore, relying solely on FMR would not cover the mortgage expenses.
The second objection could be regarding the renter demand in Adirondack, NY. With a rental vacancy rate of 7.4%, an investor might wonder if there's enough demand to sustain a property. A vacancy rate of 7.4% suggests that there are more rental units available than renters looking for them, indicating a relatively weak demand. However, it's important to note that the vacancy rate alone does not provide a complete picture. Other factors such as population growth, job availability, and local economic conditions also play significant roles. Without additional data on these factors, we cannot definitively conclude the strength of the rental market demand.
Lastly, an investor might be concerned about the ability of housing vouchers to keep up with the local market rents. Unfortunately, the data provided does not include specific information on how housing voucher amounts compare to the market rents in ZIP 12808. While the federal government adjusts voucher amounts periodically to reflect changes in the cost of living and market conditions, the effectiveness of these adjustments in a specific area can vary. Investors should consult local housing authorities or review recent trends in voucher payments versus market rents to make a more informed decision.
In summary, while the FMR of $1230 in ZIP 12808 will not cover the mortgage on a $571,489 home, the full investment strategy must account for other sources of income or potential subsidies. The 7.4% rental vacancy rate points towards a cautious approach to demand assumptions, and the lack of specific data on voucher amounts leaves uncertainty regarding their adequacy in covering market rents.
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.