Location: Glens Falls, NY | Metro: Albany-Schenectady-Troy, 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 | $1,150 |
| 1 Bedroom | $1,280 |
| 2 Bedrooms | $1,540 |
| 3 Bedrooms | $1,890 |
| 4 Bedrooms | $2,030 |
| 5 Bedrooms | $2,355 |
| 6 Bedrooms | $2,638 |
| 7 Bedrooms | $2,849 |
| 8 Bedrooms | $2,991 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,540 | $237,929 | 0.65% | D |
| 3BR | $1,890 | $300,426 | 0.63% | D |
| 4BR | $2,030 | $315,278 | 0.64% | D |
| 5BR | $2,355 | $288,524 | 0.82% | C |
U.S. Census Bureau data (2024)
The Section 8 cap-rate analysis for ZIP code 12828, Fort Edward, NY, reveals two distinct scenarios based on the Federal Market Rent (FMR) and the market rent data.
Using the annualized 2BR FMR of $1260 for fiscal year 2024, the implied gross yield for properties in this area would be approximately 4.7%. This calculation is derived by dividing the annualized FMR ($1260 * 12 = $15,120) by the median home value ($269,072).
In contrast, when using the market rent figure of $1,110 per month, the implied gross yield drops to around 4.2%. This is calculated by multiplying the market rent by 12 months to get an annual figure ($1,110 * 12 = $13,320), then dividing that by the median home value ($269,072).
The difference between these two yields highlights the financial impact of participating in the Section 8 program versus renting at market rates. The higher gross yield under the FMR scenario suggests that Section 8 participation could be more lucrative, offering landlords a stronger return relative to property value.
However, the reality of the situation must also take into account the local rental market dynamics. With a renter density of 21.6%, the demand for rental properties, including those in the Section 8 program, is relatively low compared to areas with higher rental populations. This lower density might affect the ability to maintain a steady stream of Section 8 tenants, potentially making the market rent scenario more realistic for many landlords.
The N/A-day DOM (Days on Market) indicates incomplete data regarding how long it takes for properties to be rented out. If this reflects a slow rental market, it could further tilt the balance towards market rent being the more practical yield for most investors. However, for those willing to navigate the complexities of the Section 8 program, the higher gross yield of 4.7% offers a compelling alternative.
In summary, while the Section 8 program provides a slightly better gross yield at 4.7%, the lower market rent yield of 4.2% may be more reflective of the actual rental environment given the limited rental population in Fort Edward, NY.
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.