Location: Essex County, 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 | $960 |
| 1 Bedroom | $1,000 |
| 2 Bedrooms | $1,290 |
| 3 Bedrooms | $1,580 |
| 4 Bedrooms | $1,860 |
| 5 Bedrooms | $2,158 |
| 6 Bedrooms | $2,417 |
| 7 Bedrooms | $2,610 |
| 8 Bedrooms | $2,741 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-08-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,290 | $317,824 | 0.41% | F |
| 3BR | $1,580 | $399,374 | 0.4% | F |
U.S. Census Bureau data (2024)
The economics of Section 8 in ZIP code 12861, Putnam Station, NY, within Washington County, are straightforward when you understand the formula behind the rental assistance voucher payments. For a two-bedroom apartment, the SAFMR (Small Area Fair Market Rent) for FY 2024 is set at $1180. This SAFMR is specifically tailored for this ZIP code, reflecting the unique rental conditions here.
Section 8 vouchers cover the difference between the tenant's portion of the rent and the total rent amount. The tenant is expected to pay approximately 30% of their income towards rent. If we assume an average monthly income for a tenant in this area, let's say $2000, then the tenant would contribute around $600 ($2000 x 0.3).
The remaining amount is covered by the Section 8 program, but it cannot exceed the SAFMR of $1180. Therefore, if the tenant contributes $600, the voucher will reimburse the landlord up to $580 ($1180 - $600). However, if the total rent is higher than $1180, the landlord must either lower the rent to match the SAFMR or accept the reimbursement limit, which leaves a potential gap in the full rent collected.
Additionally, Section 8 provides utility allowances. These vary but are typically around $200-$300 per month for a two-bedroom unit. This allowance can be used by tenants to offset their utility costs, though it does not directly affect the landlord's reimbursement amount.
In summary, for a two-bedroom apartment in ZIP 12861, the landlord can expect a reimbursement of up to $580 from the Section 8 program, assuming the tenant's contribution is $600. This means there could be a reimbursement gap if the market rent exceeds $1180. Conversely, if the market rent is lower, the landlord might receive a surplus, but not beyond the SAFMR limit.
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.