Section 8 Fair Market Rent (FMR) for ZIP 12859 - 2027

FY 2027 Fair Market Rent Rates

Demographics & Housing Statistics

U.S. Census Bureau data (2024)

Housing Authorities Serving ZIP 12859

• Town of Colonie (Saratoga Springs, NY) - 440 Section 8 vouchers
• Mechanicville Housing Authority (Mechanicville, NY) - 345 Section 8 vouchers
• Saratoga Springs Housing Authority (Saratoga Springs, NY) - 337 Section 8 vouchers
• Town of Rotterdam (Saratoga Springs, NY) - 249 Section 8 vouchers
• Fort Plain Housing Agency (Saratoga Springs, NY) - 246 Section 8 vouchers
• Village of Ballston Spa (Saratoga Springs, NY) - 163 Section 8 vouchers
• City of Johnstown (Saratoga Springs, NY) - 144 Section 8 vouchers
• Town of Stillwater (Saratoga Springs, NY) - 138 Section 8 vouchers
• Town of Guilderland (Saratoga Springs, NY) - 114 Section 8 vouchers
• Village of Scotia (Saratoga Springs, NY) - 110 Section 8 vouchers

To determine if a landlord should buy in ZIP 12859 (Porter Corners, NY) for Section 8, follow these steps:

Step 1: Calculate if the Fair Market Rent (FMR) of $1620 can cover the debt service on a property valued at $386,567.

• Yes: If the FMR of $1620 is sufficient to clear the debt service, then proceed to Step 2. This indicates that the rental income will meet the financial obligations associated with owning the property.
• No: If the FMR of $1620 does not cover the debt service, buying in this area for Section 8 is not advisable. The rental income would be insufficient to meet the financial requirements of the property.

Step 2: Compare the market rent of $1380 (from Census ACS data) to the FMR of $1620.

• Market Rent Above FMR: If the market rent exceeds the FMR, landlords might consider other non-Section 8 tenants who could pay higher rents. However, since the FMR is set by HUD, it is the maximum allowable rent for Section 8 vouchers.
• Market Rent Equal to or Below FMR: If the market rent is equal to or below the FMR, landlords can expect to receive the FMR as the rental income when leasing to Section 8 tenants. This makes the area more suitable for Section 8 investments.

Step 3: Evaluate the demand by considering the percentage of renters and the days on market (DOM).

• Yes: With 13.6% of residents being renters and the DOM being N/A (likely indicating low turnover or limited listings), there is enough demand to support Section 8 properties. The percentage of renters suggests a steady pool of potential tenants, while the lack of DOM data implies strong competition among available rentals.
• No: If the percentage of renters were significantly lower and the DOM was high, it would indicate weak demand. However, given the data, the demand appears to be stable and sufficient.
• It Depends: In cases where the DOM data is missing, landlords must rely on the percentage of renters and local knowledge. A 13.6% renter population supports a moderate level of demand, but landlords should also consider factors such as local employment rates and the availability of Section 8 vouchers.

In conclusion, if the FMR of $1620 clears the debt service on a property valued at $386,567 and the market rent is at or below this amount, with 13.6% of residents being renters, then Porter Corners, NY, is a viable location for Section 8 investments. Landlords should ensure they understand the local housing market dynamics and the specifics of their property's financials before making a purchase decision.

Data Sources: FMR data from HUD (2027). 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.