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 | $1,120 |
| 1 Bedroom | $1,120 |
| 2 Bedrooms | $1,410 |
| 3 Bedrooms | $1,830 |
| 4 Bedrooms | $1,850 |
| 5 Bedrooms | $2,146 |
| 6 Bedrooms | $2,404 |
| 7 Bedrooms | $2,596 |
| 8 Bedrooms | $2,726 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 3BR | $1,830 | $237,760 | 0.77% | D |
U.S. Census Bureau data (2024)
The classification of ZIP code 12838 hinges on its financial metrics and the composition of its rental market. With a Fair Market Rent (FMR) of $1,190 for fiscal year 2024, compared to the local market rent of $1,138, it indicates that properties eligible for Section 8 subsidies can command slightly higher rents. This suggests a moderate yield potential.
The median home value in ZIP 12838 stands at $220,329. Given the FMR and market rent figures, landlords can expect a modest positive cash flow if they manage their expenses efficiently. However, the yield is not exceptionally high due to the relatively close alignment between the FMR and market rent.
Regarding stability, the ZIP code shows that 25.6% of residents are renters. The lack of data on the average days on market (DOM) suggests limited information about how quickly properties are turning over, which could indicate either stable occupancy or difficulty in finding tenants, depending on broader market conditions.
The median household income of $62,348 provides some insight into the economic health of the area. While not indicative of high-income levels, this figure supports the notion that there is a sufficient demand for affordable housing, which aligns well with the Section 8 program's goals.
Based on these figures, ZIP 12838 does not fit neatly into the high-yield/low-stability category typically associated with quick flips. Instead, it represents a zone offering steady cash flow, albeit with moderate yields. The slight premium of FMR over market rent and the median income level suggest a balanced market where Section 8 properties can provide reliable returns without the risks associated with highly volatile markets.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.