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 | $1,010 |
| 1 Bedroom | $1,020 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,660 |
| 4 Bedrooms | $1,680 |
| 5 Bedrooms | $1,949 |
| 6 Bedrooms | $2,183 |
| 7 Bedrooms | $2,358 |
| 8 Bedrooms | $2,476 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $249,075 | 0.51% | F |
| 3BR | $1,660 | $296,799 | 0.56% | F |
| 4BR | $1,680 | $338,632 | 0.5% | F |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 12809 (Argyle, NY) provides valuable insights into potential investment opportunities. To begin, let's consider the annualized Fair Market Rent (FMR) for a two-bedroom apartment, which stands at $1190 per month according to FY 2024 data. This translates to an annual rental income of $14,280. Given the median home value in Argyle is $270,136, the implied gross yield for a property under Section 8 would be approximately 5.3%. This is calculated by dividing the annual rental income by the median home value.
In contrast, the market rent for a similar two-bedroom unit is reported at $1,060 per month based on Census ACS data. This equates to an annual rental income of $12,720. Using the same median home value, the implied gross yield for market rent would be around 4.7%. This calculation is derived similarly, by dividing the annual rental income by the median home value.
The difference between these two gross yields is significant. The Section 8 scenario offers a higher gross yield of 5.3%, compared to the market rent scenario yielding 4.7%. However, the decision on which scenario is more realistic depends heavily on the local rental market dynamics. With a renter density of only 10.1%, it suggests that the majority of homes in Argyle are owner-occupied rather than rented out, which might make the market rent scenario less favorable for investors looking for high occupancy rates.
The lack of data on Days on Market (DOM) makes it challenging to assess how quickly properties can be leased. However, the higher gross yield associated with Section 8 suggests a potentially more stable and predictable income stream, given the government subsidy backing these rents. For landlords and small-portfolio investors, the Section 8 option could present a more attractive proposition due to the guaranteed tenant and steady cash flow, despite the lower renter density.
In summary, while the market rent scenario offers a slightly lower gross yield, the Section 8 program's stability and the higher gross yield of 5.3% make it a compelling choice for investors in ZIP 12809. The decision should also factor in the local market conditions and the willingness to participate in a government-subsidized program.
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.