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 | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,280 |
| 3 Bedrooms | $1,570 |
| 4 Bedrooms | $1,780 |
| 5 Bedrooms | $2,065 |
| 6 Bedrooms | $2,313 |
| 7 Bedrooms | $2,498 |
| 8 Bedrooms | $2,623 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $1,280 | $297,969 | 0.43% | F |
| 3BR | $1,570 | $409,938 | 0.38% | F |
| 4BR | $1,780 | $451,379 | 0.39% | F |
| 5BR | $2,065 | $750,771 | 0.28% | F |
U.S. Census Bureau data (2024)
The real estate market in ZIP 12870, Schroon Lake, NY, presents a nuanced landscape for both landlords and small-portfolio investors. The median home value stands at $350,388, indicating a relatively stable housing market. Despite the lack of specific data on the percentage of listings that have been reduced and the median days on market (DOM), the absence of reductions suggests that sellers are maintaining their asking prices, which could imply strong seller's market conditions or a lack of urgency among sellers.
The setup in ZIP 12870 signals a potential for sustained pricing power over the next 12-24 months. Given the stability in home values and the absence of price reductions, it is reasonable to infer that demand remains steady or even growing. This could be driven by the area's appeal as a vacation destination, coupled with its natural beauty and recreational opportunities, which attract buyers willing to pay the listed prices.
On the rental side, the Federal Market Rent (FMR) for ZIP 12870 in fiscal year 2024 is set at $1,260, while the current market rent based on Census American Community Survey (ACS) data is approximately $516. This significant gap between FMR and market rent suggests that there is substantial room for rent increases without immediately deterring tenants. Landlords can leverage this to improve their rental income yields, especially if they are looking to hold properties for the long term.
For long-hold investors, the appreciation thesis in Schroon Lake appears to be grounded in the area's intrinsic value rather than speculative bubbles. The steady median home value and the potential for rent increases indicate that properties in this ZIP code are likely to retain their value and possibly appreciate gradually. However, the lack of detailed historical trends means that appreciation cannot be guaranteed and will depend largely on broader economic conditions and the continued attractiveness of the area to both buyers and renters.
In summary, the data points to a market where landlords and small-portfolio investors can maintain current pricing and rental levels with confidence. There is an opportunity to increase rents towards the FMR without losing tenants, and the stable home values suggest that long-term investments are sound, though appreciation should be expected to be moderate and consistent with overall economic growth.
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.