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 | $940 |
| 1 Bedroom | $960 |
| 2 Bedrooms | $1,220 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,610 |
| 5 Bedrooms | $1,868 |
| 6 Bedrooms | $2,092 |
| 7 Bedrooms | $2,259 |
| 8 Bedrooms | $2,372 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,220 | $196,064 | 0.62% | D |
| 3BR | $1,570 | $233,750 | 0.67% | D |
| 4BR | $1,610 | $239,639 | 0.67% | D |
| 5BR | $1,868 | $296,609 | 0.63% | D |
U.S. Census Bureau data (2024)
The Section 8 thesis in ZIP code 12832, specifically Granville, NY, centers around the significant gap between the Fair Market Rent (FMR) and the actual market rent. For fiscal year 2024, the FMR is set at $1010, while the Census ACS reports the market rent at $792. This means there is a $218 difference, or a 27.5% premium, between what landlords can charge through Section 8 vouchers and the open-market rental rates.
This gap makes Granville an attractive location for landlords looking to maximize their yields. By accepting Section 8 tenants, landlords can command rents that are significantly higher than the local market average, thereby increasing their cash flow and investment returns. The premium is particularly notable given that only 22.0% of residents are renters, indicating a smaller pool of potential market-rate tenants.
In Granville, where the median home value stands at $212,921 and the median income is $68,929, the higher rental rates supported by Section 8 vouchers can help offset the relatively lower incomes of voucher recipients. Despite the lower median income, landlords can still achieve a better financial performance by leveraging the voucher program.
However, it's important to note that while the FMR allows for higher rents, the actual cost of maintaining properties for voucher tenants might be lower due to government subsidies. This could result in landlords effectively renting below the open-market rate without suffering a loss, as the subsidy covers the difference between the market rate and the voucher amount.
To summarize, the $218 or 27.5% gap between the FMR and market rent in Granville, NY, presents a compelling opportunity for landlords to enhance their investment yields through the Section 8 program. This is especially true given the local economic conditions and the limited number of renters compared to homeowners.
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.