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 | $1,000 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,630 |
| 4 Bedrooms | $1,650 |
| 5 Bedrooms | $1,914 |
| 6 Bedrooms | $2,144 |
| 7 Bedrooms | $2,316 |
| 8 Bedrooms | $2,432 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,260 | $450,240 | 0.28% | F |
| 3BR | $1,630 | $743,545 | 0.22% | F |
| 4BR | $1,650 | $1,236,559 | 0.13% | F |
U.S. Census Bureau data (2024)
The rental market in ZIP code 12824, Diamond Point, NY, reflects a dynamic balance between supply and demand, with the Federal Market Rent (FMR) set at $1300 for fiscal year 2024. This figure, established by HUD, represents the maximum amount that a low-income household should pay for rent and utilities in order to dedicate no more than 30 percent of their income to housing costs. In contrast, the actual market rent, as reported by the Census American Community Survey, stands at $925. This discrepancy suggests that the rental market is currently under pressure, with demand potentially exceeding supply.
The median home value in the area is $741,230, indicating a relatively high cost of homeownership which could be driving some residents towards the rental market. However, the lack of data on the percentage of price-cut share and days on market (DOM) makes it challenging to definitively state whether there's an overabundance of supply or if demand is keeping pace with it. The absence of these metrics could imply a stable market with neither significant surplus nor shortage of properties.
A 5.0% renter share points to a predominantly owner-occupied community, but it also implies a long-term housing pressure dynamic. In areas where homeownership is prevalent, the rental market often faces increased competition due to limited units. Landlords and small-portfolio investors should note that even a modest renter share can signify a tight rental market, especially when coupled with a higher FMR compared to the market rent. This scenario suggests that landlords maintaining competitive rents might attract tenants more readily, and investors could benefit from the potential for steady occupancy rates.
The interplay between homeownership and rental markets in ZIP 12824 underscores the importance of understanding local housing trends. For landlords, setting rents close to the FMR can help attract Section 8 voucher holders, while investors should consider the implications of a high median home value on future rental demand.
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.