Location: Hamilton County, NY | Metro: Hamilton County, NY
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 | $970 |
| 1 Bedroom | $990 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,550 |
| 4 Bedrooms | $1,710 |
| 5 Bedrooms | $1,984 |
| 6 Bedrooms | $2,222 |
| 7 Bedrooms | $2,400 |
| 8 Bedrooms | $2,520 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $348,919 | 0.37% | F |
| 3BR | $1,550 | $437,374 | 0.35% | F |
| 4BR | $1,710 | $505,195 | 0.34% | F |
U.S. Census Bureau data (2024)
In ZIP code 12847, which covers Long Lake, NY, in Hamilton County, the Section 8 program operates under specific economic guidelines. The SAFMR (Small Area Fair Market Rent) for a two-bedroom apartment is set at $1,200 per month for the fiscal year 2026. This figure represents the maximum amount that the Housing Choice Voucher Program will pay to landlords for a two-bedroom unit in this ZIP code.
The local market rent for a two-bedroom apartment, according to the Census ACS, is $817 per month. This is significantly lower than the SAFMR, indicating that the Section 8 rates are above the average rental costs in the area. However, it's important to understand how the actual payment to landlords is calculated once the tenant's portion and utility allowances are factored in.
A landlord receives the difference between the SAFMR and the tenant's portion of the rent, which is typically 30% of their adjusted income. For instance, if a tenant's adjusted income is $1,000, they would be responsible for $300 of the rent ($1,000 * 30%). Therefore, the landlord would receive $900 from the Section 8 program ($1,200 - $300).
In addition to the base rent, the Section 8 program also covers utility allowances. These allowances vary but are designed to help cover the cost of utilities. If we assume an average utility allowance of $150 per month, the total monthly reimbursement to the landlord would be $1,050 ($900 + $150).
This means that for a two-bedroom apartment, the landlord would receive a total of $1,050 per month, which is $233 more than the local market rent of $817. Thus, there is a surplus of $233 for landlords who accept Section 8 vouchers for a two-bedroom unit in ZIP 12847. This surplus can help offset any additional administrative costs associated with participating in the program.
It's crucial to note that the SAFMR applies specifically to this ZIP code, reflecting the unique housing market conditions in Long Lake, NY. Landlords should use these figures to make informed decisions about accepting Section 8 tenants and understand the financial implications clearly.
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.